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
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