Central Bank of Nigeria Increases Interest Rate

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Central Bank of Nigeria building

CBN’s Monetary Policy Committee Lifts Benchmark Interest Rate to 26.25%

Olayemi Cardoso, Governor of the Central Bank of Nigeria, revealed during the 295th meeting of the Monetary Policy Committee in Abuja that the Monetary Policy Rate (MPR), a key benchmark for interest rates, has been elevated from 24.75% to 26.25%. This marks the third upward adjustment of the benchmark rate by the apex bank this year.

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The MPR serves as the foundational interest rate in the economy, influencing the rates set by banks for lending and borrowing.

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