CBN Keeps Interest Rate Unchanged at 27.5% After MPC Meeting

The Central Bank of Nigeria (CBN) has opted to maintain the Monetary Policy Rate (MPR) at 27.5%, following the conclusion of its two-day Monetary Policy Committee (MPC) meeting held on May 19 and 20.

The decision was announced during a press briefing on Tuesday, with the apex bank citing macroeconomic considerations for holding the rate steady.

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The MPR, which is the benchmark interest rate used to manage inflation and stabilize the economy, remains unchanged amid ongoing efforts to ensure economic stability and manage inflationary pressures.

Further details from the MPC’s deliberations are expected to be released shortly.