CBN reduces interest rate to 27%

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has announced a reduction of the benchmark interest rate to 27.00 per cent, its first monetary adjustment in 2025.

The decision was disclosed on Tuesday by CBN Governor, Olayemi Cardoso, during a press briefing following the 302nd MPC meeting in Abuja.

“The Committee decided as follows: (1) reduce the monetary policy rate by 50 basis points to 27 per cent,” he said.

This 50 basis points reduction comes after three consecutive pauses in rates.

Cardoso noted that the reduction was due to consistent disinflation recorded in the country.

News360 Nigeria observed that there were six consecutive hikes recorded in 2024.

More details to follow…