Trending ➝

Interest Rates Remain at 27.5%, CBN Bets on Recovering Economy

The CBN is betting on a recovering economy and new gvernement polices will act as back up to bring the high interest back to standard.

The MPR which benchmarks interest rates are prone to change and heavily relies on economic factors like inflation.

Christina Ngene

2 days ago

Olayemi Cardoso

The existing interest rates of 27.5% decided by the Central Bank of Nigeria, CBN is set for another cycle.

At the 300th Monetary Policy Meeting in Abuja, the CBN decided that it will end the constant increase of the MPR and stay on its most effective rate yet.

More so, having doubled the MPR from 11.50% to 27.5% in 4 years, Central Bank Governor Olayemi Cardoso said the policy is beginning to yield results.

The CBN has managed high inflationary pressure since the removal of fuel subsidy and devaluation of the naira in 2023. Cardoso said that high electricity prices and foreign exchange play a big role in it.

He further noted that the committee believes that government measures like the increase of local production, to reduce the need for foreign currency, will help lower prices.

He also expressed concerns about falling oil prices and uncertainty in U.S. trade policy. Cardoso said members of the MPC have doubts that Nigeria’s income and budget plans would remain intact.

Summary

Thu May 22 2025

JAMB has offered students the option of resitting the exam after massive low scores due to technical issues. But there are more options on how to use the low scores.

The Nigerian Police has murdered a WAEC student, and there is a mass rage over police brutality again.

Annie and Tuface Idibia’s divorce has more to do with the third season of the YFA show than they are saying. They could be trying to get an audience before the announcement nd release of the next season. It is all for the show.