In a decisive move to combat Nigeria’s surging inflation, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has unanimously voted to raise the Monetary Policy Rate (MPR) to 27.50% from its previous 27.25%.
This adjustment reflects the ongoing efforts to address the country’s inflation rate, which soared to 33.88% in October.
During the 298th MPC meeting held in Abuja on Tuesday, CBN Governor Olayemi Cardoso presented the committee’s communique, emphasizing the unanimous agreement among all 12 members to maintain a tight monetary stance.
Alongside the interest rate hike, the MPC retained the asymmetric corridor at +500/-100 basis points.
Governor Cardoso also shared an update on the country’s foreign reserves, which saw an increase to $40.88 billion as of November 21, 2024, up from $40.06 billion at the end of October.
Other key policy measures remain unchanged, with the Cash Reserve Ratio (CRR) for deposit money banks held steady at 15% and the liquidity ratio maintained at 30%.
Platinumpost reports that the latest decision marked the fifth consecutive tightening of the rate since Cardoso took charge as CBN governor and chairman of the MPC.
