September 18, (THEWILL) – The Central Bank of Nigeria (CBN) says it will hold its 297th Monetary Policy Committee (MPC) meeting on Monday, September 23 and Tuesday, September 24, 2024.
The apex bank disclosed this in a statement titled, “Notice of the 297th Meeting of the Monetary Policy Committee (MPC)”.
According to the notice, the meeting will be held at the MPC Meeting Room, 11th floor of the CBN headquarters in Abuja.
“This is to inform you that the 297th meeting of the Monetary Policy Committee (MPC) is scheduled to hold as indicated: Day 1: Monday, September 23, 2024, Time: 10:00 am. Day 2: Tuesday, September 24, 2024, Time: 8:00 am. Venue: MPC Meeting Room, 11th Floor, CBN Headquarters, Abuja,” the notice read.
The MPC is the highest policy-making committee of the CBN, set up to review economic and financial conditions in the economy and determine the appropriate stance of policy in the short to medium term.
The committee is also in charge of examining the CBN’s monetary policy framework and making any necessary revisions.
At the last meeting held on July 22 and 23, the committee raised the monetary policy rate (MPR), which benchmarks interest rates, from 26.25 percent to 26.75 percent – an increase of 50 basis points.
The MPC adjusted the asymmetric corridor at +500 basis points and -100 basis points around the MPR, while the cash reserve ratio (CRR) was retained at 45 percent, and liquidity ratio at 30 percent.
