BREAKING: CBN Raises Interest Rate to 26.75% to Combat Soaring Inflation

The Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate (MPR) by 50 basis points to 26.75%, up from 26.25%, in a bid to curb the country’s escalating inflation and food prices.

CBN Governor Olayemi Cardoso announced the decision after the apex bank’s 296th Monetary Policy Committee (MPC) meeting in Abuja on Tuesday. The move aims to combat the country’s high inflation rate, which has been a major concern for the economy.

More details to come…