The Central Bank of Nigeria’s Monetary Policy Committee has
raised the country’s interest rate by 25 basis points to 27.50 percent in
November from 27.25 percent in September 2024.
The Governor of CBN, Olayemi Cardoso, disclosed this during
a press conference on Tuesday after 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.
According to him, the decision to raise the country’s
monetary policy rate is to tackle inflation, which stood at 33.87 percent in
October 2024.
This is the sixth time the apex bank has raised the interest
rate since February 2024.
He also announced that the Cash Reserve Ratio (CRR) was
retained at 50 basis points.
In addition, the committee retains the liquidity ratio (LR)
at 30 percent and the asymmetric corridor at +500/-100 basis points around the
MPR.
Similarly, other monetary policy decisions were retained.
Recall that in September, it raised the country’s interest
rate by 50 basis points to 27.25 percent.
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