Uncategorized
BREAKING: CBN holds benchmark interest rate at 26.5%
By Editor
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has retained the Monetary Policy Rate (MPR), the country’s benchmark interest rate, at 26.5 per cent.
The decision was announced at the conclusion of the committee’s 306th meeting held in Abuja on July 20 and 21.
All 11 members of the MPC attended the two-day meeting, where they assessed recent developments in the domestic and global economy before unanimously deciding to keep the benchmark rate unchanged.
By maintaining the MPR at 26.5 per cent, the CBN signalled its commitment to preserving its tight monetary policy stance as it seeks to further moderate inflationary pressures, support exchange rate stability and reinforce recent improvements in the country’s macroeconomic environment.