The CBN raised rates six times in 2024 but has held steady at 27.5% in 2025

Key Takeaways

  • Over six MPC meetings from February to November 2024, the MPR rose cumulatively by 875 basis points, ending the year at 27.5%.
  • The pace of increases slowed after March: from 200 bps (Feb–Mar) to just 25 bps (Sept–Nov), reflecting a tapering hike strategy.
  • Since November 2024, the CBN has maintained the rate at 27.5% across four consecutive MPC meetings into July 2025.
  • The 2024 cycle was dominated by aggressive rate hikes aimed at stabilising inflation and exchange rate volatility.
  • The CBN’s interest rate strategy appears more restrained in 2025, indicating a possible pause phase in the monetary policy cycle.

Since Olayemi Cardoso took office as CBN governor, the Monetary Policy Committee has raised the interest rate from 18.75% to 27.5% across six meetings in 2024, beginning with a sharp 400 basis points hike in February. The pace of tightening slowed progressively through the year, and since November 2024, the rate has been held steady at 27.5% across four MPC meetings in 2025, signalling a shift from aggressive inflation-fighting to a more cautious, stabilisation-focused approach.

Source:

Central Bank of Nigeria

Period:

February 2024 - Present
HTML code to embed chart
Want a bespoke report?
Reach out
Click to copy HTML embed code
Tags
Related Insights
26 Nigerian states added a combined $239m to their external debt in H1 2025
  • 26 states increased their external debt by a combined $239 million in H1 2025.
  • Imo, Oyo, Kaduna, Enugu, and Ogun recorded the biggest increases.
  • 11 states, including the FCT, reduced their debt through higher repayments.
  • Lagos, Edo, Rivers, and Bauchi accounted for most of the $227 million in reductions.
  • Total state external debt rose only slightly, from $4.8 billion to $4.812 billion.
Debt Management Office (DMO) Nigeria received a whopping 92.23% of the $15.5tn allocation for the Federal Ministry of Finance’s MDAs
  • The Debt Management Office (DMO) Nigeria took the lion’s share, with ₦14.3 trillion (92.23%) of the Ministry of Finance's total allocation.
  • The Nigerian Bulk Electricity Trading Plc. received ₦858.7 billion (5.53%), making it the second-highest allocation.
  • The Federal Ministry of Finance (Headquarters) got ₦289.4 billion (1.86%).
  • The Office of the Accountant General of the Federation was allocated ₦50.7 billion (0.33%).
  • The figures reveal how debt servicing priorities overshadow operational and policy-related financial allocations.
From 45% to 2%: How Nigeria lost its global palm oil production share to Asia
  • Indonesia dominated with 46.8M tonnes in 2022, up from 145.7 ktonnes in 1961
  • Malaysia was the second-largest producer in 2022 with 18.5M tonnes
  • Global production has increased from under 2M tonnes (1961) to over 75M tonnes (2022)
  • Thailand, Colombia, and Guatemala have emerged as major producers in recent decades
  • Nigeria was historically significant, but has been overtaken by Asian producers
Over one-fourth of Asia’s forests were in legally established protected areas as of 2024
  • Asia leads globally with 26% of its forests in legally protected areas.
  • The global average stands at 20%, meaning that one-fifth of all forests are under some form of legal protection.
  • Africa and Europe are tied at 23%, both above the global average.
  • South America has only 17% of its forests protected, despite being home to the Amazon rainforest.
Russia has the world's largest forest area at 832.6 Mha, accounting for a dominant 20.1% global share
  • Global forest cover is 4.1 Bha, according to the latest FAO assessment.
  • At 832.6 Mha, 20.1% of the global total, Russia has the world’s largest forest area.
  • Brazil (486.1 Mha; 11.7%) and Canada (368.8 Mha; 8.9%) rank second and third, respectively.
  • The United States (7.5%) and China (5.5%) complete the global top five.
  • Africa’s top contributor is the Democratic Republic of Congo, with 139.2 Mha, 3.4% of the global total.
  • Other African countries in the top 20 include Angola, Zambia, Tanzania, and the Central African Republic, each accounting for approximately 1% of the global forest area.
  • Together, the top ten countries account for over 78% of the world’s total forest area, highlighting the global concentration of forest resources.
Egypt and Nigeria led Africa’s industrial output in 2024, with $145.5bn and $89bn, respectively
  • Egypt led with an estimated $145.5 billion, accounting for about 25% of Africa's total industrial output among its top 15 economies.
  • Nigeria followed with $89 billion, while South Africa, Algeria, and Morocco made up the rest of the top five.
  • The top five economies accounted for more than 70% of Africa’s total industrial value added.
  • Notable mid-tier performers, Ethiopia and DR Congo, reflected rapid industrial investment.
  • Using constant 2015 USD reveals real production strength, not nominal currency shifts.
POPULAR TOPICS
SIGN UP TO OUR NEWSLETTER
Get periodic updates about the African startup space, access to our reports, among others.
Subscribe Here
Subscription Form
A product of Techpoint Africa. All rights reserved