The Central Bank of Nigeria (CBN) has announced that it has once again increased the Monetary Policy Rate (MPR) to 27.50% from 27.25% in its bid to fight against the rising inflation in the country.

The decision was announced by the Governor of the Central Bank of Nigeria, Yemi Cardoso, during the meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN).

The governor had revealed that the MPC voted unanimously to increase the minimum MPR by 25 basis points from 27.25% to 27.50% and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.

Though this was the last meeting of the year, it is also the sixth time that the MPC has been increasing the interest rate in a year since February 2024.

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