The Central Bank of Nigeria (CBN) has decided to maintain the monetary policy rate (MPR) at 27.50%, following its 299th meeting of the Monetary Policy Committee (MPC). The decision was announced by the CBN Governor, Olayemi Cardoso, during a press briefing in Abuja on Thursday.
Cardoso confirmed that the MPC members were unanimous in agreeing to hold all monetary parameters steady, following a series of interest rate hikes in 2024. This marks a pause after six consecutive hikes last year.
The MPR serves as the benchmark for interest rates in the country, and the decision to keep it unchanged suggests the CBN’s strategy of managing inflation and stabilizing the economy remains in place.
