CBN’s MPC to Address Interest Rates Amid Rising Inflation

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) is set to convene on Monday, November 25, and Tuesday, November 26, 2024, Daily Post reports.

At the meeting, the apex bank is expected to review the nation’s monetary policy, including a possible adjustment to the benchmark interest rate, which stood at 27.25% as of September 2024.

This meeting follows a surge in Nigeria’s headline inflation, which climbed to 33.88% in October 2024. The MPC has previously defended its series of interest rate hikes, arguing that they are necessary to combat rising inflation.

CBN Governor Olayemi Cardoso, during the previous MPC meeting, pledged that the bank would take all necessary measures to curb inflation in the country.

However, opinions remain divided. The Centre for the Promotion of Private Enterprise has consistently called for a pause in interest rate hikes, citing concerns over their impact on the economy. In contrast, the Financial Derivative Company advocates for further rate increases, insisting they are essential to address inflationary pressures.

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