September 25, 2024

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Nigeria’s Central Bank Raises Benchmark Rate by 50 Basis Points

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Nigeria’s Central Bank Raises Benchmark Rate by 50 Basis Points
Nigeria’s Central Bank Raises Benchmark Rate by 50 Basis PointsThe Central Bank of Nigeria (CBN) raised the Monetary Policy Rate (MPR) by 50 basis points to 27.25% and increased the Cash Reserve Ratio (CRR) for banks. These measures aim to combat inflation and stabilize the Nigerian economy. The CBN governor, Olayemi Cardoso, stated that the reforms implemented have restored the bank’s credibility and boosted […]