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 CBN increases interest rate to 24 75 amid inflation

The Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) has announced a significant increase in the benchmark interest rate in a move aimed at tackling rising inflation.

The new Monetary Policy Rate (MPR) now stands at 24.75% up from the previous rate of 22.75%.

Speaking to journalists after the MPC meeting, CBN Governor Yemi Cardoso, emphasized the committee’s commitment to curbing inflation and restoring the purchasing power of Nigerians.

He outlined the various policy adjustments implemented:

The most significant change is the substantial increase in the MPR to 24.75%. This makes borrowing more expensive, aiming to reduce spending and slow economic growth, ultimately bringing down inflation.

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