The Central Bank of Nigeria (CBN) has raised interest rates to address inflation and stabilize the economy. Find out how this decision impacts businesses and consumers.
The Monetary Policy Committee of the Central Bank of Nigeria has increased the nation’s interest rate by 25 basis points, bringing it to 27.50 percent in November, up from 27.25 percent in September 2024.
This announcement was made by CBN Governor Olayemi Cardoso during a press conference following the 298th MPC meeting held in Abuja.
He stated that the Committee reached a unanimous decision to adjust the monetary policy rate in response to inflation, which was recorded at 33.87 percent in October 2024.
This marks the sixth interest rate hike by the central bank since February 2024.
Additionally, Cardoso confirmed that the Cash Reserve Ratio (CRR) remains unchanged at 50 basis points, while the liquidity ratio (LR) is maintained at 30 percent, along with the asymmetric corridor set at +500/-100 basis points around the monetary policy rate.
Other monetary policy measures were also kept constant, following a previous increase of 50 basis points in September.
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