By Francesca Hangeior
The Monetary Policy Committee of the Central Bank of Nigeria has raised the country’s interest rate by 25 basis points to 27.50 per cent in November from 27.25 per cent in September 2024.
The Governor of CBN, Olayemi Cardoso, disclosed this during a press briefing 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 per cent,” he said.
Cardoso noted that the decision to raise the country’s Monetary Policy Rate is to tackle inflation, which stood at 33.87 per cent in October 2024.
He also announced that the Cash Reserve Ratio was retained at 50 basis points, from 45 per cent to 50 per cent for deposit money banks and from 14 per cent to 16 per cent for merchant banks.
