monetary-policy
Dec 8, 2024
CBN Tightens Monetary Policy with New Interest Rate Hike
CBN raises interest rates to 27.5% to combat inflation and stabilize Nigeria’s economy.
In a strategic move to address inflation and foster economic stability, the Central Bank of Nigeria (CBN) has increased its Monetary Policy Rate (MPR) by 25 basis points, bringing it to 27.5%.
This decision, announced by CBN Governor Yemi Cardoso following the 298th Monetary Policy Committee (MPC) meeting in November, reflects the bank’s commitment to curbing inflation, which reached 33.87% in October.
Other monetary parameters were maintained, including the Cash Reserve Ratio at 50% for Deposit Money Banks and 16% for merchant banks, the Liquidity Ratio at 30%, and an asymmetric corridor of +500/-100 basis points around the MPR.
This hike marks the sixth consecutive increase under Cardoso’s leadership, totaling 875 basis points since his tenure began, as the CBN continues its aggressive stance against inflationary pressures
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