By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: CBN Raises Monetary Policy Rate to 27.50% to Address Price Pressures
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
BusinessNews

CBN Raises Monetary Policy Rate to 27.50% to Address Price Pressures

Muhammad A. Aliyu
By Muhammad A. Aliyu
Published: November 26, 2024
Share
3 Min Read
CBN Governor, Olayemi Cardoso
CBN Governor, Olayemi Cardoso
SHARE

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate (MPR), which serves as the benchmark for interest rates in the country, to 27.50 percent from 27.25 percent.

The decision was announced by Olayemi Cardoso, the CBN Governor, during a press briefing on Tuesday following the committee’s 298th meeting in Abuja.

Cardoso said the committee raised the MPR by 25 basis points to curb rising price pressures and stabilize the exchange rate. The MPC retained the asymmetric corridor at +500 and -100 basis points around the MPR, the cash reserve ratio (CRR) at 50 percent, and the liquidity ratio at 30 percent.

The CBN governor explained that the decision to adjust the MPR was influenced by the persistence of price pressures, which are adversely impacting income levels and the welfare of citizens.

- Advertisement -

“The committee was particularly concerned that all three measures also inched up on a month-on-month basis, suggesting the persistence of price pressures with attendant adverse impact on income and welfare of citizens,” Cardoso said.

The MPC acknowledged the role of food prices and rising energy costs in driving inflation. It commended federal government efforts to improve security, particularly in the northeast, which it said could boost food production. However, the committee noted that the recent increase in the price of premium motor spirit (PMS) has significantly impacted production and distribution costs.

Cardoso expressed optimism that the full deregulation of the petroleum downstream sector would stabilize price levels in the short to medium term. He emphasized the need for stronger collaboration between monetary and fiscal authorities to achieve price stability and sustainable growth.

“The committee also noted the need to remain focused on addressing price developments while anchoring inflation expectations appropriately,” he said.

- Advertisement -

Cardoso highlighted improvements in Nigeria’s external sector, including an increase in the current account surplus, enhanced remittances, and capital inflows, which have positively affected the country’s external reserves.

The MPC concluded that key policy measures by both monetary and fiscal authorities are yielding positive outcomes.

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:CBNMPR
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByMuhammad A. Aliyu
Follow:
Muhammad Ameer Aliyu, is a prolific journalist who joined Okay Nigeria in 2015 with the aim staying committed to bringing more positive growth to the digital news platform. He is the Senior Editor at Okay Nigeria.
Previous Article NNPC Ltd. CEO, Mele Kyari NNPC Clarifies Crude Oil Production Figures Amid Reports of Discrepancy
Next Article Yahaya Bello EFCC Arrests Ex-Kogi Governor Yahaya Bello Over Alleged N80.2 Billion Fraud

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Exchange Rate

Okay.ng Logo
Buy Rate ₦1,605.00
Sell Rate ₦1,620.00

Last updated: 4 days ago (June 3, 2025 2:33 pm)

Displayed rates are for informational purposes only and are subject to change.

USD/NGN Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

Tinubu Urged by PDP to Cut Fuel and Electricity Costs Amid Eid-el-Kabir Festivities
News
Mike Ejeagha
Mike Ejeagha, Nigerian Highlife Maestro, Dies at 95
News
Tinubu Welcomes Gov Eno to APC as Political Realignments Intensify Across States
Politics Top stories
Super Eagles Rally to Draw Against Russia in International Friendly
Sport
Manchester United Raises Annual Core Profit Forecast to Between £180m and £190m After Europa League Boost
Sport
- Advertisement -
Ad imageAd image

You May Also Like

Ange Postecoglou
Sport

Tottenham Hotspur Part Ways with Ange Postecoglou Despite Europa League Glory

Yusuf Abubakar
Yusuf Abubakar
June 6, 2025
News

Dangote Names Main Refinery Access Road “Bola Ahmed Tinubu Road” in Honor of President

Muhammad A. Aliyu
Muhammad A. Aliyu
June 6, 2025
L-R: Ify Okoye, Digital Creator; Linda Ejiofor-Suleiman, Actress; Stella Erebor, Head Internal Audit, Nigerian Communications Commission; Emanuella Samuel, Comedienne/Actress, Sylvia Musalagani, Safety Policy Manager, Africa, Middle East & Turkey (AMET), Meta, and Nicole Chikwe, founder of The Mummy Summit, during the launch of Instagram teen accounts in Lagos on Wednesday, June 4, 2025
Tech

Meta Launches Teen Accounts on Instagram in Nigeria to Enhance Online Safety for Young Users

Farouk Mohammed
Farouk Mohammed
June 6, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?