CBN Cuts Interest Rate to 26.5% in Latest MPC Meeting
The Central Bank of Nigeria (CBN) has announced a reduction in the monetary policy rate (MPR) by 50 basis points, bringing it down to 26.5%. This decision was made during the 304th Monetary Policy Committee (MPC) meeting, which saw the participation of 11 members.
The MPR serves as the benchmark interest rate and is a key tool used by the apex bank to manage inflation and ensure overall macroeconomic stability. The adjustment reflects the CBN's ongoing efforts to navigate the economic landscape and address liquidity challenges within the Nigerian economy.
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