The Central Bank of Nigeria (CBN) has raised the country’s interest rate to 27.50%, a move the apex bank has made at least five times in 2024 alone.

Olayemi Cardoso, the CBN governor, made this known during a press briefing on Tuesday after the 298th Monetary Policy Committee (MPC) meeting in Abuja.

With this, the apex bank has now raised the benchmark rate by 25 basis points after only raising it to 27.25% in September.

“The Committee was unanimous in its agreement to raise the monetary policy rate by 25 basis points to 27.50 per cent,” Cardoso said during the press briefing.

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The CBN governor also said the rate increment became necessary so that Nigeria’s inflation rate, which currently stands at 33.87%, can be tackled.

In July, the benchmark stood at 26.75%. Under Cardoso’s administration, the CBN has raised the interest rate six times, bringing it to a 25-year high.

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Between the period Cardoso assumed office in September 2023 and now, the rate has increased from 18.75 to 27.50%.

The Monetary Policy Rate (MPR) is the baseline interest rate in an economy.

Every other interest rate used within an economy is built on the MPR.