The Central Bank of Nigeria (CBN) has again increased the interest rate, making it more expensive for people and businesses to borrow money.

The CBN Governor, Olayemi Cardoso, announced the increase on Tuesday after a meeting with the Monetary Policy Committee (MPC) in Abuja.

The interest rate, also known as the Monetary Policy Rate (MPR), was raised by 0.5% from 26.25% to 26.75%.

More to follow…