Nigeria Considers Raising Interest Rates

As the Central Bank of Nigeria Monetary Policy Committee meets today, February 26, in Abuja, an interest rate increase is anticipated. The two-day gathering on February 26 and 27 is the first since Olayemi Cardoso, the governor of the CBN, was appointed in September of last year.

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At the time of the most recent MPC meeting in July 2023, the nation’s interest rate was 18.55%, and Mr. Folashodun Shonubi was the acting governor of the CBN.

However, in order to combat the surge in inflation, the MPC is anticipated to tighten the monetary policy rate, which shot up to 29.90 percent in January of this year.

The Financial Derivatives Company’s CEO, Bismarck Rewane, stated during the MPC meeting that the committee might raise interest rates by as much as 200 basis points.