Strong magnetoresistance effects are often observed in ferromagnet-nonmagnet multilayers, which are exploited in state-of-the-art magnetic field sensing and data storage technologies. In this work we report a novel current-perpendicular-to-plane magnetoresistance effect in multilayer graphene as grown on a catalytic nickel surface by chemical vapor deposition. A negative magnetoresistance effect of ∼10(4)% has been observed, which persists even at room temperature. This effect is correlated with the shape of the 2D peak as well as with the occurrence of D peak in the Raman spectrum of the as-grown multilayer graphene. The observed magnetoresistance is extremely high as compared to other known materials systems for similar temperature and field range and can be qualitatively explained within the framework of "interlayer magnetoresistance" (ILMR).