The Central Bank of Nigeria’s Monetary Policy Committee (MPC) is set to meet on Monday, November 25, and Tuesday, November 26, 2024.
The committee is expected to make a decision on the country’s interest rate, which was at 27.25 percent as of September 2024.
This meeting comes in the wake of Nigeria’s headline inflation surging to 33.88 percent in October 2024. The MPC has previously justified its series of interest rate hikes as measures to combat inflation. In the last MPC meeting,
CBN Governor Olayemi Cardoso pledged that the bank would take all necessary actions to reduce Nigeria’s inflation.
While the Centre for the Promotion of Private Enterprise has consistently called for a pause in interest rate hikes, the Financial Derivative Company argues that the MPC should continue to raise interest rates to address inflation effectively.
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