The governor of the Central Bank of Nigeria, Olayemi Cardoso announced the increase in the interest rate by 50 basis points to 27.25%. This is the fifth increase since February 2024.

The governor of the CBN announced that in addition to the increase in the CBN interest rate, the reserve requirement ratio (CRR) was raised by 50 basis points, from 45% to 50% for deposit banks (DMB) and from 14% & agrave; 16% for investment banks. The committee maintains the liquidity ratio (LR) at 30% and the asymmetric corridor at +500/-100 basis points around the MPR. According to the National Bureau of Statistics (NBS), this development comes as the country's inflation rate fell for the second consecutive month in August, to 32.15%

In addition, the economist and executive director of the Center for the Promotion of Private Enterprise, Muda Yusuf, urged the CBN to suspend interest rate hikes.