The Central Bank of Nigeria's Monetary Policy Committee voted to hold the Monetary Policy Rate at 27.50 per cent at its February 2025 meeting. All 12 members voted to hold, citing stability in the foreign exchange market, the resulting appreciation of the naira and a gradual moderation in petrol prices, while remaining concerned about persisting inflationary pressures driven largely by food prices. Headline inflation had fallen to 24.48 per cent in January 2025 after the rebasing of the consumer price index.
NAIRA STABILISATION SUPPORTS CASE FOR HOLDING
The naira has settled at around 1,500 per US dollar.
HOLD FOLLOWS SIX RATE RISES IN 2024
The hold followed six rate increases in 2024 that lifted the MPR from 18.75 per cent to 27.50 per cent.