The Central Bank of Nigeria (CBN)‘s Monetary Policy Committee announced a 25 basis point increase in the country’s interest rate to 27.50 percent during the 298th MPC meeting in Abuja.
“The Committee was unanimous in its agreement to raise the monetary policy rate by 25 basis points to 27.50 percent,” he said.
Governor Olayemi Cardoso cited the need to address inflation, which was at 33.87 percent in October 2024.
This marks the sixth interest rate hike since February 2024.
The Cash Reserve Ratio was maintained at 50 basis points, while the liquidity ratio and asymmetric corridor were also unchanged. This decision follows a 50 basis point increase in the interest rate in September.
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