Nigeria's Central Bank Increases Benchmark Lending Rate to 27.25%

The Central Bank of Nigeria, led by Governor Olayemi Cardoso, has increased its benchmark lending rate to 27.25% from 26.75% as announced on Tuesday.

The Central Bank of Nigeria announced a significant change in its monetary policy by raising the benchmark lending rate to 27.25% from the previous 26.75%. Governor Olayemi Cardoso made this announcement on Tuesday.

The adjustment in the lending rate is aimed at combating inflation and stabilizing the Nigerian economy.

This move is expected to have far-reaching implications for borrowing costs and financial markets in Nigeria.

(With inputs from agencies.)