In a decisive move to combat rising inflation, the Central Bank of Nigeria (CBN) has raised the interest rate to 26.75%. The announcement was made by CBN Governor Olayemi Cardoso following the bank's 296th Monetary Policy Committee (MPC) meeting held in Abuja on Tuesday.
This rate hike is part of the CBN's strategy to curb inflationary pressures and stabilize the economy. As Nigerians brace for the impact, the financial markets and economic analysts will closely monitor the effects of this significant policy adjustment.