Breaking:CBN Retains MPR at 27% to Sustain Inflation Fight

The Central Bank of Nigeria (CBN) has announced that it will retain the Monetary Policy Rate (MPR) at 27 percent, maintaining its tight monetary stance as part of ongoing efforts to curb inflation and stabilize the foreign exchange market.

The decision was reached at the end of the Monetary Policy Committee (MPC) meeting held in Abuja, where members voted to keep all key policy parameters unchanged. The MPR, which serves as the benchmark interest rate for the economy, remains elevated as the apex bank continues aggressive measures to rein in rising prices and restore investor confidence.

This move underscores the CBN’s determination to sustain its inflation-fighting strategy while ensuring stability in the financial system. Analysts note that the retention of the rate signals caution amid persistent inflationary pressures and volatility in the foreign exchange market.

The announcement comes as part of broader efforts by the CBN to balance price stability with economic growth, while reassuring investors of its commitment to restoring confidence in Nigeria’s financial markets