The Central Bank of Nigeria (CBN) has once again raised the Monetary Policy Rate (MPR), which measures interest rates, by 50 basis points from 26.25% to 26.75%.
This move comes in response to soaring inflation and skyrocketing food prices.
CBN Governor, Olayemi Cardoso, made the announcement following the apex bank’s 296th Monetary Policy Committee (MPC) meeting held in Abuja on Tuesday.
More details are expected to follow as the situation develops.