CBN holds MPC meeting to decide Nigeria’s interest rate

The Central Bank of Nigeria Monetary Policy Committee holds its meeting on Monday 25 and Tuesday 26, 2024.

The apex bank is expected to make a decision on the country’s interest rate, which stood at 27.25 percent in September 2024.

This comes as Nigeria’s headline inflation surged to 33.88 percent in October 2024.

The MPC had justified its several interest rate hikes on the ground that it would tackle inflation.

Olayemi Cardoso, the governor of CBN, in the last MPC meeting vowed that the bank will do everything to bring down Nigeria’s inflation.

Meanwhile, the Centre for the Promotion of Private Enterprise has consistently advocated for a pause in interest hikes.

On the flipside, the Financial Derivative Company believes MPC should further raise the interest rate to tackle inflation.

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