On Tuesday, November 26, the Central Bank of Nigeria (CBN) made a big decision to raise its interest rate to 27.50%, up from 27.25%.
Governor Mr. Olayemi Cardoso announced this change after the CBN’s Monetary Policy Committee (MPC) meeting in Abuja. The meeting wrapped up with important updates, and the briefing is still happening now.
This is not the first time the CBN has raised interest rates. Back on September 24, 2024, the rate was increased by 50 basis points, moving from 26.75% to 27.25%. The bank kept a special rule for its rates, which allows the rate to go up by 500 basis points and drop by 100 basis points.
At today’s meeting, 11 of the 12 MPC members agreed to raise the rate. However, this change is concerning to many small business owners. They say it could hurt their businesses even more, leading to smaller companies, fewer jobs, and harder times for workers.
