BREAKING: CBN raises Nigeria’s interest rate

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.

DAILY POST reports that 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, from 45 percent to 50 percent for deposit money banks (DMBs) and from 14 percent to 16 percent for merchant banks.

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.

In fifth consecutive hike, CBN raises Nigeria’s interest rate to 27.25%