CBN raises interest rate to 27.5%

The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has raised the country’s interest rate by 25 basis points to 27.50% in November from 27.25% in September 2024.

Olayemi Cardoso, Central Bank Governor, made this known 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.

The CBN boss 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, the apex bank raised the country’s interest rate by 50 basis points to 27.25%.