Monetary Policy Rate

The CBN held the MPR at 11.5% through the COVID period, then raised it aggressively from 2022 — reaching 27.5% by 2024, a cumulative 1,600 basis-point tightening — to fight the post-reform inflation surge.

The MPR is the CBN's benchmark interest rate. Raising it makes borrowing more expensive across the whole economy, which is the main tool a central bank uses to slow inflation down.

The line is stepped because the rate only changes at MPC meetings and holds flat in between. Each step up is a tightening decision; a plateau signals the CBN holding as it assesses inflation.