The Central Bank of Nigeria says it will hold its 298th Monetary Policy Committee meeting on Monday, November 25 and Tuesday, November 26, 2024
The apex bank disclosed this in a statement, titled “Notice of the 298th 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 298th meeting of the Monetary Policy Committee (MPC) is scheduled to hold as indicated Day 1: Monday, November 25, 2024 Time: 10:00 am, Day 2: Tuesday, November 26, 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 September 23 and 24, the committee raised the monetary policy rate (MPR), which benchmarks interest rates, from 26.75 percent to 27.25 percent – an increase of 50 basis points.
They however retained the asymmetric corridor around the MPR at +500/-100 basis points.
While the Cash Reserve Ratio of Deposit Money Banks was raised by 500 basis points to 50% from 45% and Merchant Banks by 200 basis points to 16% from 14%., the Liquidity Ratio was retained at 30%.