The Central Bank of Nigeria (CBN) has retained the Monetary Policy Rate (MPR) at 27 percent, maintaining its tight monetary stance as part of ongoing efforts to rein in inflation and stabilise the foreign exchange market.
The decision was announced at the end of the Monetary Policy Committee (MPC) meeting held in Abuja, where members voted to keep key policy parameters unchanged.
The MPR, which serves as the benchmark interest rate for the economy, has remained elevated as the CBN continues its aggressive measures to curb rising prices and restore investor confidence.
Details later…