The Central Bank of Nigeria (CBN) has announced its upcoming monetary policy committee (MPC) meeting.
In a statement issued on Tuesday, the CBN stated that its 296th MPC meeting will take place on July 22 and 23.
This committee, the highest policy-making body of the bank, is led by CBN Governor Olayemi Cardoso.
The MPC meeting will review Nigeria’s economic and financial conditions to determine the appropriate monetary policy direction for the short to medium term.
At the previous meeting held on May 20 and 21, the committee raised the monetary policy rate (MPR), which serves as the benchmark for interest rates, from 24.75 percent to 26.25 percent.
The MPC maintained the asymmetric corridor at +100 basis points and -300 basis points around the MPR.
Additionally, the committee kept the cash reserve ratio (CRR) at 45 percent for deposit money banks and 14 percent for merchant banks.
After the meeting, Governor Cardoso explained to the press that the interest rate hike was aimed at curbing inflation.
He noted that the committee’s efforts to control inflation were showing positive results.
On July 15, the National Bureau of Statistics (NBS) reported in its consumer price index (CPI) for June that Nigeria’s inflation rate rose to 34.19 percent in June 2024, up from 33.95 percent in May.
The NBS highlighted that the headline inflation rate in June increased by “0.24% points” compared to May 2024.
The bureau also reported that food inflation surged to 40.87 percent in June, driven by rising prices of food and non-alcoholic beverages.
