November 26, 2024
The Central Bank of Nigeria, CBN, on Tuesday raised the monetary policy rate.from 27.25 per cent to 27.50 per cent.
The Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, disclosed this at the end of the Monetary Policy Committee meeting in Abuja.
The post-MPC meeting’s briefing is currently ongoing.
CBN had earlier in September 2024, raised the Monetary Policy Rate, MPR, by 50 basis points from 26. 75% to 27.25%, while retaining the asymmetric corridor of +500/-100 basis points.
Speaking at the end of the 154th Monetary Policy Committee, MPC, meeting in Abuja, Cardoso, said the decision to further hike the rate was that of 11 members of the 12-member MPC present at the meeting.
However, small business owners described it then as unfortunate, and capable of further contracting businesses leading to firms downsizing and loss of jobs.
