Central Bank of Nigeria hikes benchmark rate by 50 basis points

The Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR) by 50 basis points to 27.25% and raised the Cash Reserve Ratio (CRR) for banks. These measures are aimed at combating inflation and stabilizing the Nigerian economy. The Governor of the CBN, Olayemi Cardoso, stated that the reforms implemented have restored the credibility of the bank and boosted (…)