The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has announced a significant increase in the benchmark interest rate, raising it by 400 basis points from 18.5 percent to 22.5 percent.
CBN Governor Yemi Cardoso revealed this decision following the committee’s meeting, marking his first since assuming the role.
He explained that the move was aimed at addressing stubborn inflationary pressures that had shown limited response to previous marginal adjustments.
This is a developing story…
