CBN Raises Interest Rate To 26.25%

The monetary policy committee of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which benchmarks interest rates, from 24.75 percent to 26.25 percent.

This comes after Nigeria’s inflation rate rose to 33.69 percent amid the surge in food prices.

Olayemi Cardoso, CBN’s governor, announced the monetary policy rate adjustment at a news conference on Tuesday, May 21, during the committee’s 295th meeting in Abuja.

The monetary policy rate (MPR) is the baseline interest rate in an economy, which banks use to set their interest rates.

This is the third consecutive time the apex bank will be raising the benchmark rate this year. At the March MPC meeting, the benchmark rate had been increased by 200 basis points from 22.75 per cent to 24.75 per cent.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts

General

NIS To Unveil User-Friendly E-Visa Channel

The new channel will streamline visa processes, foster foreign direct investments, and boost tourism. E-Visa The Nigerian Immigration Service (NIS) has unveiled plans, to inaugurate a more accessible e-visa application channel for short visits in line with the Nigeria Visa Policy 2020. A statement by the Service Public Relations Officer, DCI Kenneth Udo on Monday […]

Read More
General

Pa Taiwo Akinkunmi, A Hero Abandoned in the Morgue – By ‘Dayo Adu

On Wednesday 30th August, 2023, the news of the death of Pa Michael Taiwo Akinkunmi, OFR, the designer of Nigeria’s flag took the media space after it was announced via his son’s Facebook page. Pa Akinkunmi, a national hero designed the green-white-green flag in a competition in 1958 and thereafter unveiled world’s largest national flag […]

Read More
General

S’WEST NULGE ADVOCATES LOCAL GOVERNMENT AUTONOMY IN NIGERIA

In an advocacy, Comrade Abimbola Babalola, Vice President General, Southwest of the Nigeria Union of Local Government Employees (NULGE), has called for the empowerment and financial autonomy of local governments across Nigeria. The union underscored the crucial role that empowered local governments can play in driving economic development, improving infrastructure, and fostering participatory governance. The […]

Read More