The Central Bank of Nigeria’s Monetary Policy Committee (MPC) is convening a two-day meeting starting Monday, November 25, 2024, to determine the country’s interest rate.
As of September 2024, the interest rate stood at 27.25 percent.
This meeting comes at a critical time, as Nigeria’s headline inflation has surged to 33.88 percent in October 2024.
The MPC has previously justified interest rate hikes as a measure to tackle inflation.
CBN Governor Olayemi Cardoso has, however, vowed to take all necessary steps to bring down Nigeria’s inflation.
But, opinions on the best course of action are divided as the Centre for the Promotion of Private Enterprise advocates for a pause in interest hikes, while the Financial Derivative Company believes the MPC should further raise the interest rate to combat inflation.
All things considered, Truth Live News assures that the outcome of this MPC meeting will be closely watched, as it will have significant implications for Nigeria’s economy.