CBN to hold rate decision meeting on March 25

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.”

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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).

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.