CBN raises interest rate to 27.25% to moderate inflation

The CBN Governor, Olayemi Cardoso made this known while addressing journalists after the bank’s 297th Monetary Policy Committee (MPC) meeting on Tuesday, September 24, 2024.

“The committee was unanimous in its decision to further tighten policy and thus decided as follows, one: raise the MPR to 27.25 %,” Cardoso said.

The new rate reflects an 8.5% increase in interest rates.

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