CBN raises interest rate

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR), which benchmarks interest rates, from 24.75 per cent to 26.25 per cent.
CBN Governor, Olayemi Cardoso, announced the rate adjustment at a news conference on Tuesday during the committee’s 295th meeting in Abuja.
This is the third time the apex bank will be raising the benchmark rate this year.
MPR is the baseline interest rate in an economy, which banks use to set their interest rates.