The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) don decide again to keep the benchmark interest rate for 27%, meaning say dem no add or reduce the rate for now.
CBN Governor, Olayemi Cardoso, announce the decision on Tuesday after the MPC finish their 303rd meeting for Abuja. He talk say majority of the members believe say the best move now na to maintain the stand wey dey ground.
“The Committee decide by majority vote to maintain the monetary policy stance,” Cardoso talk, as he add say the economy never stable reach to justify any interest rate cut.
This decision dey come after the small 50-basis-point cut wey dem do for September 2025 — the only reduction since the present tightening cycle start. With today announcement, na the fourth time this year wey MPC go keep MPR the same.
For 2024, MPC raise interest rate six times because inflation dey rise and naira dey under pressure. E be one of the most serious tightening seasons wey Nigeria don see recently.
Even though inflation don begin slow small, policymakers still prefer make dem dey careful as dem check whether the small economic improvement fit last.
