JUST IN: CBN raises interest rate to 27.25%

• Published On: 25 September 2024 at 17:24

The Central Bank of Nigeria's Monetary Policy Committee raised interest rates by 50 basis points to 27.25%.

This move is likely intended to reduce inflation and stabilize the economy.

This was disclosed by CBN governor Olayemi Cardoso at the conclusion of the MPC meeting in Abuja.

The apex bank also increased the Cash Reserve Ratio for commercial banks by 500 basis points, from 45% to 50%.