The Central Bank of Nigeria (CBN) has once again raised its Monetary Policy Rate (MPR), increasing it to 27.5% from 27.25%. This decision was unanimously approved by all 12 members of the Monetary Policy Committee (MPC) during its 298th meeting in Abuja, as part of efforts to curb Nigeria’s rising inflation, which reached 33.88% in October.
Reading the committee’s communiqué on Tuesday, CBN Governor Olayemi Cardoso stated that members also voted to maintain the asymmetric corridor at +500/-100 basis points.
Cardoso further revealed that Nigeria’s foreign reserves had increased, standing at $40.88 billion as of November 21, 2024, compared to $40.06 billion at the end of October 2024.
The MPC retained the Cash Reserve Ratio (CRR) for deposit money banks at 15% and kept the liquidity ratio at 30%.
It is worth noting that during its 297th meeting in September, the MPC had raised the MPR by 50 basis points, from 26.75% to 27.25%.
This latest hike marks the fifth consecutive increase in interest rates since Cardoso assumed office as the CBN Governor and MPC Chairman.
