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The Central Bank of Nigeria’s Monetary Policy Committee has raised the country’s interest rate by 25 basis points to 27.50 percent in November from 27.25 percent in September 2024.
The Governor of CBN, Olayemi Cardoso, disclosed this 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.
Read Also: Tinubu: GDP Growth Shows Need For Greater Efforts
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.
The Eastern Updates reports that this is the sixth time the apex bank has raised the interest rate since February 2024.
He 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, it raised the country’s interest rate by 50 basis points to 27.25 percent.
In other news, President Bola Tinubu, in a statement made yesterday, voiced his excitement over the latest National Bureau of Statistics report. The data confirmed that the nation’s economy recorded significant growth in the third quarter, outpacing earlier expectations and showing better results than the previous quarter.
In its latest analysis released yesterday, the National Bureau of Statistics reported a 3.46 percent growth in the annual GDP for the third quarter of 2024. This growth represents a marginal increase of 0.19 percentage points from the second quarter’s 3.16 percent and a more substantial rise of 0.92 percentage points compared to the 2.54 percent recorded in Q3 2023.
The report further showed a 1.0 percentage point reduction in the unemployment rate, dropping from 5.3 percent in the first quarter to 4.3 percent in the second quarter of 2024. This marks a significant improvement in employment conditions, reflecting a positive trend for the economy.
