CBN Will Meet With The MPC On March 25

The 294th meeting of the monetary policy committee (MPC) will take place next week, according to the Central Bank of Nigeria (CBN).

The summit bank announced on Wednesday that the dates of the conference are March 25 and 26.

The previous meeting of the MPC was conducted by the CBN on February 26 and 27. It was the first meeting since Olayemi Cardoso took over as governor of the top bank in the 293rd meeting.

The MPC, the bank's highest policy-making body, was established to assess the financial and economic landscape and choose the best course of action for short- to medium-term policy.

Read Also: CBN Lifts Restrictions On FX Access For Importation Of Dairy Products

The committee is also in responsible of reviewing and altering the CBN's monetary policy framework as needed.

The committee sets the nation's monetary policy rate (MPR), hence the bimonthly meetings are essential to the central bank's mission of maintaining price stability.

The MPR, which sets interest rates, was increased by 400 basis points from 18.75 percent to 22.75 percent at the most recent MPC meeting.

Additionally, the committee decided to maintain the 30% liquidity rate while raising the cash reserve ratio (CRR) from 32.5 percent to 45 percent.

The decisions were made in response to an increase in Nigeria's inflation rate, which increased from 29.9 percent to 31.7 percent in February 2024.

The National Bureau of Statistics (NBS) reports that in the month under review, food inflation also increased to 37.92 percent.