The Central Bank of Nigeria (CBN) don reduce Nigeria interest rate to 27.00%, na the first time wey dem go cut am this year 2025.
Governor of CBN, Olayemi Cardoso, yarn the matter for Abuja on Tuesday after the 302nd Monetary Policy Committee (MPC) meeting.
“The Committee don decide make dem reduce the monetary policy rate by 50 basis points, bring am reach 27 percent,” Cardoso talk.
Before this one, the rate don dey steady for three straight MPC meetings. Cardoso say na because inflation don dey cool down gradually, e reason why dem fit reduce the rate now.
For 2024, CBN bin hike interest rate like six times back-to-back to fight inflation wey dey bite economy. But with this new move, e clear say CBN wan balance between price stability and economic growth.
More gist go drop as CBN release full report of the MPC meeting.
