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HomeNewsCBN Announces 2nd MPC Meeting under Governor Olayemi Cardoso

CBN Announces 2nd MPC Meeting under Governor Olayemi Cardoso

The Central Bank of Nigeria (CBN) is set to convene the 294th meeting of the Monetary Policy Committee on Monday and Tuesday of next week. This marks the second MPC meeting under the leadership of Governor Olayemi Cardoso.

 

The notice of the meeting was released today via the CBN’s official website.

 

During the inaugural meeting of the committee under Governor Cardoso’s tenure, the Monetary Policy Rate (MPR) witnessed a significant adjustment, increasing by 400 basis points from 18.75 percent to 22.75 percent. This decision was driven by the persistent high inflation rate, which stood at 29.2 percent at the time.

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Recent data released by the National Bureau of Statistics indicates a further rise in the inflation rate, reaching 31.70 percent.

 

In light of the inflation targeting policy framework, the MPC faces a pivotal decision regarding the MPR. The committee may opt to maintain the current rate to assess the impact of the previous hike or consider a further adjustment, given the substantial gap between the MPR and the prevailing inflation rate.

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