By Milcah Tanimu
The Central Bank of Nigeria (CBN) has scheduled its 297th Monetary Policy Committee (MPC) meeting for September 21 and 22. This meeting aims to assess the nation’s economic and financial conditions and decide on monetary policy adjustments.
Led by CBN Governor Olayemi Cardoso, the MPC is the bank’s top policy-making body. In the previous meeting on July 22-23, the committee raised the Monetary Policy Rate (MPR) from 26.25% to 26.75%, an increase of 50 basis points. They also adjusted the asymmetric corridor to +500 and -100 basis points around the MPR, kept the Cash Reserve Ratio (CRR) at 45%, and maintained the liquidity ratio at 30%.
Governor Cardoso emphasized the committee’s commitment to controlling inflation, acknowledging its impact on households and businesses. The MPC is also considering measures to improve food supply and manage food prices.
Recent data from the National Bureau of Statistics (NBS) shows a decline in Nigeria’s headline inflation rate, falling to 33.40% in July and 32.15% in August.
 will hold its 297th Monetary Policy Committee (MPC) meeting on September 21-22, 2024.){kind=link}