The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR) by 25 basis points to 27.5%, marking the sixth consecutive hike under Governor Yemi Cardoso. The decision, made during the MPC’s 298th meeting in Abuja, aims to curb inflation and stabilize the economy.
Key monetary parameters, including the Cash Reserve Ratio at 50% and Liquidity Ratio at 30%, remain unchanged. Cardoso emphasized the CBN’s focus on tackling inflation through orthodox policies, projecting visible progress by early 2025.
Economic experts, including Prof. Uche Uwaleke, suggest this incremental hike signals a possible pause in 2025, easing pressure on businesses.
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Meanwhile, the governor assured Nigerians of adequate cash availability during the festive season, alongside efforts to stabilize foreign exchange and boost diaspora remittances, which rose to $611 million.
Cardoso highlighted the upcoming Non-Resident Account Program and ongoing financial inclusion efforts, now covering 95% of adults, as critical for empowering MSMEs and boosting local production.
“We remain committed to driving economic growth through sustainable monetary measures,” Cardoso affirmed.
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