The Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate (MPR) from 27.25% to 27.50% in a bid to address rising inflation.

This adjustment was decided during the recent Monetary Policy Committee (MPC) meeting at the CBN headquarters in Abuja. The central bank emphasized the importance of the rate hike as part of its strategy to stabilize the economy amidst inflationary pressures.

The new rate is expected to impact borrowing costs and influence economic activities nationwide.