The Monetary Policy Committee of the Central Bank of Nigeria has unanimously voted to increase the Monetary Policy Rate to 27.25%.
This was disclosed by CBN Governor Olayemi Cardoso after the committee’s fifth meeting for the year, held at the CBN headquarters in Abuja.
At the conclusion of the 297th Monetary Policy Committee meeting of Nigeria’s Apex bank in Abuja, Governor Olayemi Cardoso announced the new rate of 27.25%.
This represents a 50 basis point increase from the previous 26.75%, which had been set in July 2024.
The governor also noted that the committee is closely monitoring inflationary trends and emphasized the bank’s commitment to stabilizing the nation’s economy.
This meeting marks Governor Cardoso’s one-year anniversary in office.
He expressed his continued dedication to earning the trust of Nigerians, stating that his priority is to ensure economic recovery and growth.
The next Monetary Policy Committee meeting is scheduled for November 24th and 25th, 2024.
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