Business
BREAKING: CBN cuts Interest Rate to 27%
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has reduced the Monetary Policy Rate (MPR) to 27.00 per cent, marking the first interest rate cut in 2025.
CBN Governor, Olayemi Cardoso, announced the decision on Tuesday during a press briefing after the committee’s 302nd meeting in Abuja.
“The Committee decided as follows: (1) reduce the monetary policy rate by 50 basis points to 27 per cent,” Cardoso stated.
The move comes after three consecutive pauses in interest rate adjustments. According to Cardoso, the decision was influenced by the consistent disinflation trend observed in recent months.
NUJ FCT reports that the country recorded six straight rate hikes in 2024 before the series of pauses.
Further details on the MPC’s decision are expected soon.
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