March 14, (THEWILL) – The Central Bank of Nigeria (CBN) has scheduled a meeting of its Monetary Policy Committee for Monday, March 20 and Tuesday, March 21, 2023.
MPC is the highest policy-making committee of the CBN. Among other functions, the Committee has the mandates to: Review economic and financial conditions in the economy; Determine appropriate policy stance in the short to medium term; Review regularly the CBN monetary policy framework and adopt changes when necessary.
According to information published Tuesday, on the website of the apex bank, the two-day 290th meeting, would be held at MPC Meeting Room, 11th Floor, CBN Head Office, Abuja.
Titled, “Notice of the 290th Meeting of the Monetary Policy Committee (MPC)”, the notice reads:
“The 290th meeting of the Monetary Policy Committee (MPC) is scheduled to hold as indicated below:
Day 1: Monday, March 20, 2023, Time: 10.00 a.m.
Day 2: Tuesday, March 21, 2023, Time: 8.00 a.m.
“Venue: MPC Meeting Room, 11th Floor, CBN Head Office, Abuja.”
The MPC meeting is coming amid a headline inflation rate of 21.81 percent in January.
The MPC, at its last meeting in January, increased the benchmark lending rate by 100 basis points to 17.5 percent.
The Committee also kept the asymmetric corridor at +100/-700 basis points around the MPR. It however retained Cash Reserve Ratio (CRR) by 32.5%, while liquidity ratio was kept at 30%.
