The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which benchmarks interest rates, from 26.75 percent to 27.25 percent.
CBN’s governor, Olayemi Cardoso, announced the increase at a press conference on Tuesday after the committee’s 297th meeting in Abuja.
Cardoso said the increase was to further tame inflation.
