Again, CBN Raises Interest Rate to 27.25%

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR), which benchmarks interest rates, to 27.25 percent — from 26.75 percent

Olayemi Cardoso, governor of the apex bank, who doubles as the Chairman of the MPC, announced the rate adjustment on Tuesday at the end of the committee’s 297th meeting in Abuja.

The MPR is the baseline interest rate in an economy, every other interest rate used within the economy is built on it.

Cardoso disclosed that the MPC raised the MPR by 50 basis points to 27.25 per cent and raised the asymmetric corridor around the MPR from +500/-100.

Details later.