CBN Sets Dates for 294th Monetary Policy Committee Meeting Amid Rising Inflation
The Central Bank of Nigeria (CBN) has announced that its 294th Monetary Policy Committee (MPC) meeting will take place on March 25 and 26, 2024. This announcement comes amidst the backdrop of continued inflationary pressures in Nigeria.
In its previous meeting on February 26 and 27, the MPC decided to raise interest rates by 400 basis points, increasing the Monetary Policy Rate (MPR) from 18.75 per cent to 22.75 per cent. Despite this hike, Nigeria’s inflation rate for February 2024 surged to a new high of 31.70 per cent, with the headline inflation figure rising to 3.12 per cent month-on-month.
The upcoming MPC meeting will be crucial as policymakers assess the impact of the recent rate hike on inflation and the broader economy. The CBN will likely review current economic conditions and determine if further policy adjustments are necessary to address inflationary pressures and support economic stability.
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