The monetary policy rate was hiked from 27.25 percent to 27.50 percent by the Central Bank of Nigeria, or CBN.To 27.50% the CBN increases interest rates

Since February 2024, the CBN has raised interest rates six times.

This was revealed by Mr. Olayemi Cardoso, the governor of the Central Bank of Nigeria, at the conclusion of the Monetary Policy Committee meeting this afternoon in Abuja.

According to Cardoso, the MPC unanimously decided to keep the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks, while increasing the MPR by 25 basis points, from 27.25% to 27.50%.

According to Cardoso, “the Committee unanimously agreed to raise the monetary policy rate by 25 basis points to 27.50 percent.”

The head of the CBN added that the MPC kept the Asymmetric Corridor at +500/-100 basis points around the MPR and the Liquidity Ratio (LR) at 30%.

As the headline food and core measures increased year over year in October 2024, the meeting’s considerations took place against the backdrop of fresh inflationary pressures.

According to Cardoso, “members unanimously agreed to remain focused on addressing price developments.”

…in September
Remember that on September 24, the CBN maintained the asymmetric corridor of +500/-100 basis points while increasing the Monetary Policy Rate, or MPR, by 50 basis points, from 26.75% to 27.25%.

At the conclusion of the 154th Monetary Policy Committee (MPC) meeting in Abuja, Cardoso revealed this. He claimed that 11 of the 12 MPC members in attendance made the decision to raise the rate even more.

On the other hand, small business owners at the time characterised it as regrettable and able to expand contracting firms.

Businesses will downsize as they contract, which will result in employment losses, they noted.

Daily Pulse Report News;

To 27.50% the CBN increases interest rates