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The CBN Monetary Policy Committee meets on September 21–22.
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Nigeria’s Monetary Policy Rate is currently 26.50%.
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August headline inflation slowed to 15.39%.
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Gross external reserves reached $54.61 billion as of September 14.
September 21, (THEWILL) – Nigeria’s Monetary Policy Committee opens its 307th meeting on Monday, September 21, with inflation easing for a second consecutive month, gross external reserves climbing to $54.61 billion and the naira trading around ₦1,329.86 per dollar at the official market.
MPC members will meet for two days, ending Tuesday, September 22, to review inflation, liquidity, foreign-exchange conditions and other developments shaping the economy.
Nigeria’s Monetary Policy Rate stands at 26.50%. At its July meeting, the committee retained the rate, maintaining its restrictive monetary policy stance.
Inflation Continues to Moderate
Headline inflation slowed to 15.39% in August from 15.43% in July, according to the latest data. Core inflation came in at 13.29%, while monthly inflation dropped sharply to 0.71% from 1.57%.
Slower monthly price growth has brought some relief to the inflation picture, although food prices and agricultural supply remain key concerns for the CBN.
International oil prices and developments in global financial markets also feature in the policy environment facing the committee.
Gross external reserves increased to $54.61 billion as of September 14, according to Proshare market data
At the official market on September 16, the naira traded at about ₦1,329.86 per dollar. Meanwhile, the spread between the official and parallel-market rates had narrowed to roughly 3.4%.
Improved reserves and a narrower exchange-rate spread point to better conditions in the foreign-exchange market compared with earlier periods of the year.
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Global Policy Paths Diverge
Developments abroad present a different set of signals for the MPC.
The US Federal Reserve raised its target range by 25 basis points last week to 3.75%-4%. In Japan, the Bank of Japan lifted its policy rate to 1.25%, while Brazil cut its benchmark rate to 13.75%.
For Nigeria, changes in global rates can affect portfolio flows, borrowing costs and demand for emerging and frontier-market assets.
MPC’s decision is due on Tuesday, September 22.
Joy Onuorah is a business journalist and brand communications specialist covering financial markets, artificial intelligence, digital economy, and the ideas reshaping business across Africa and the global market. Beyond her reporting for TheWill, Joy uses brand strategy, storytelling, copywriting, and high-value SEO to help brands build lasting market authority.
