CBN Retains Interest Rate at 27% to Sustain Progress Towards Low Inflation

The Central Bank of Nigeria (CBN) has decided to retain the country's headline lending rate, known as the Monetary Policy Rate (MPR), at 27% during its 303rd Monetary Policy Committee (MPC) meeting held in Abuja. CBN Governor Yemi Cardoso disclosed the decision, emphasizing the commitment to data-driven assessments and the need to sustain progress towards achieving low and stable inflation.

The decision was influenced by factors such as sustained monetary policy tightening, stable exchange rates, increased capital flows, surplus current account balance, and improved food supply. The MPC aims to maintain the current policy stance amid global uncertainties and expects a steady deceleration in inflation.