In sixth move this year, CBN raises rate to 27.5%

The Central Bank of Nigeria (CBN) on Tuesday continued its fight against rising inflation as it raised its benchmark interest rate by 25 basis point to 27.50 Percent.

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In September, the CBN raised the Monetary Policy Rate (MPR) by 50 basis points to 27.25 percent despite concerns around petrol price rise, which has been seen as triggering a renewed inflation after two consecutive declines in commodity prices.
Olayemi Cardoso, announced this after a two-day Monetary Policy Committee (MPC) meeting held Monday and Tuesday in Abuja