In a decisive move aimed at strengthening Nigeria’s economic framework, the Central Bank of Nigeria (CBN) has announced an increase in the Monetary Policy Rate (MPR) by 50 basis points, raising it to 27.25 percent from the previous 26.75 percent.
This change comes following a unanimous vote by the CBN Monetary Policy Committee (MPC).
The announcement was made by CBN Governor, Mr. Olayemi Cardoso, on Tuesday, subsequent to a comprehensive two-day meeting held by the MPC members.
Governor Cardoso highlighted the necessity of this adjustment, stating, “The CBN had no choice but to make tough decisions that would improve the economy in a long time.”
This strategic decision reflects the CBN’s commitment to fostering economic stability and resilience, ensuring that the country’s financial mechanisms are well-equipped to handle future challenges. The increase in the lending rate is expected to influence borrowing costs, aiming to curb inflation and stabilize the national currency.
The move represents the CBN proactive approach in responding to the dynamic economic landscape, reinforcing its role in steering Nigeria towards sustained economic growth.
