CBN Increases Nigeria’s Interest Rate To 27.25% For Fifth Consecutive Time

The Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) has raised the country’s interest rate by 50 basis points, bringing it to 27.25%. This marks the fifth consecutive increase since February 2024.

CBN Governor Olayemi Cardoso made the announcement during a press briefing following the conclusion of the MPC’s 297th meeting in Abuja on Tuesday.

The move comes as Nigeria’s inflation rate eased for the second straight month in August, dropping to 32.15%, according to the National Bureau of Statistics (NBS).

Further details are expected soon.