Central Bank of Nigeria (CBN) is scheduled to convene its 295th Monetary Policy Committee (MPC) meeting next week on May 20 and May 21.
Gatekeepers News reports that the MPC, led by CBN Governor Olayemi Cardoso, is the highest policy-making committee of the bank, responsible for reviewing economic and financial conditions and determining appropriate policy in the short to medium term.
In preparation for the upcoming meeting, the committee is expected to review the previous decisions on monetary policy tightening aimed at curbing inflation.
During the last meeting, the committee raised the monetary policy rate (MPR) to 24.75 percent, while retaining the asymmetric corridor at +100 basis points and -300 basis points around the MPR.
Also, the committee raised the cash reserve ratio (CRR) to 45 percent and the liquidity rate to 30 percent. This will be the second MPC meeting since Cardoso assumed office on September 26, 2023.
