CBN Holds Interest Rate At 27.50% After 6 Consecutive Hikes In 2024

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has retained the Monetary Policy Rate (MPR), which benchmarks interest rates in the country, at 27.50 per cent.

This is even as the MPC held all the other parameters like the Cash Reserve Ratio (CRR) and others.

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Olayemi Cardoso, CBN’s governor, announced the committee’s decision at a press conference on Thursday after the committee’s 299th meeting in Abuja.

This pause in rate comes on the heels of six consecutive hikes recorded in 2024.

“The Committee was unanimous in its agreement to hold all parameters,” he said.