CBN Increases Interest Rate To 26.75% Amid Rising Inflation, Hardship

The Central Bank of Nigeria, CBN, has increased the country’s Monetary Policy Rate (MPR), which is also known as interest rate from 26.25% to 26.75%

The Monetary Policy Rate measures interest rates by 50 basis points.

The apex bank announced the MPR increment amid sustained rising inflation and skyrocketing food prices and scorching hardship.

The interest rate raise was announced on Tuesday in Abuja by the CBN Governor, Olayemi Cardoso, after the apex bank’s 296th Monetary Policy Committee (MPC) meeting