• Thursday, April 18, 2024
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CBN to hold rate decision meeting on March 25

MPC expected to hold but no members, meeting calendar

The Central Bank of Nigeria (CBN) on Tuesday said its rate decision Committee meeting known as the Monetary Policy Committee (MPC) will hold on Monday and Tuesday next week (March 25 and 26, 2024).

A notice published on the CBN website reads: “The 294th meeting of the Monetary Policy Committee (MPC) is scheduled to hold as indicated below:

Day 1: Monday, March 25, 2024 Time: 10:00 a.m. Day 2: Tuesday, March 26, 2024 Time: 8:00 a.m. Venue: MPC Meeting Room, 11th Floor, CBN Headquarters, Abuja.”

The CBN held the first MPC meeting under Olayemi Cardoso, governor, on February 26 and 27, 2024 when it raised the MPR by 400 basis points to 22.75 from 18.75 per cent., adjusted the asymmetric corridor around the MPR to +100/-700 from +100/-300 basis points, raised the Cash Reserve Ratio from 32.5 percent to 45.0 per cent, and retained the Liquidity Ratio at 30 per cent.

“Given the imperative to curb inflationary pressures, which could pose social challenges and impede long-term growth prospects, I am persuaded that the MPC must adopt an assertive stance by tightening monetary policy measures, with a medium-term inflation target of 21.40 percent by the end of 2024 in mind,” Cardoso said.

Nigeria’s headline inflation accelerated to 31.70 percent in February 2024, from 29.90 percent in January 2024, according to the National Bureau of Statistics (NBS).