In an effort to control inflation, the Central Bank of Nigeria (CBN) raised its key interest rate on Tuesday. The rate, known as the Monetary Policy Rate (MPR), is now 24.75%, up from 22.75%.
The CBN hopes that this increase will slow down inflation by making it more expensive for businesses and consumers to borrow money. This could lead to lower prices for goods and services.
The CBN also announced that it would maintain other measures aimed at controlling inflation.
Credit: News Agency of Nigeria (NAN) Text Excluding Headline
