The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has raised the country’s interest rate by 25 basis points to 27.50 per cent in November from the previous 27.25 per cent in September 2024. This was disclosed by the Governor of CBN, Olayemi Cardoso during a press briefing after the 298th MPC meeting on Tuesday in Abuja.
He said, “The Committee was unanimous in its agreement to raise the Monetary Policy Rate (MPR) by 25 basis points to 27.50 percent.”
He stated that the decision was reached in order to tackle inflation which was 33.87 per cent as of October 2024.
According to him, the Committee retains the liquidity ratio at 30 per cent and the asymmetric corridor at +500/-100 basis points around the MPR.
Cardoso also said, “The considerations of the meeting were held on the backdrop of renewed inflationary pressures as the headline food and core measures rose year on year in October 2024. Members therefore agreed unanimously to remain focused on addressing price developments.”
