The Central Bank of Nigeria, CBN, Monetary Policy Committee, MPC, has raised the interest rate by 50 basis points to 27.25 percent, the fifth hike since February 2024. CBN Governor Olayemi Cardoso disclosed this during a press briefing at the end of 297th MPC in Abuja on Tuesday.

The monetary policy committee of the CBN has raised the MPR, which benchmarks interest rates, from 26.75 percent to 27.25 percent.

The Monetary Policy Committee of the Central Bank of Nigeria has voted to increase the monetary policy rate, which measures the benchmark interest rate, to 27.25 per cent.

Discover the economic implications of Nigeria’s interest rate hike to 27.25%, including inflation control, naira stability, and challenges for businesses. Understand how this monetary policy impacts borrowing costs,

The Nigerian Bureau of Statistics, NBS, yesterday, announced that Nigeria’s unemployment rate grew by 1.2 percentage points to 5.3 per cent year-on-year, YoY.

Nigeria's central bank unexpectedly raised its benchmark lending rate by 50 basis points to 27.25% on Tuesday in a unanimous decision to tame persistent inflationary pressures, bank governor Olayemi Cardoso said.

Nigeria’s central bank surprised the market on Tuesday by raising its benchmark lending rate by 50 basis points to 27.25%. This is the fifth rate hike of the year and reflects the bank’s ongoing battle against inflationary pressures,