From Victor Osula, Abuja
The Central Bank of Nigeria (CBN) has rescheduled the 299th meeting of its Monetary Policy Committee (MPC) to February 18 and 19, 2025.
The apex bank had planned the meeting for February 17 and 18.
“The Central Bank of Nigeria (CBN) has announced that the 299th meeting of its Monetary Policy Committee (MPC) earlier scheduled for February 17 and 18, 2025, will now be held on Wednesday, February 18 and Thursday, February 19, 2025″, CBN said in a statement.
The meeting will be held at the MPC Meeting Room, 11th floor of the CBN Headquarters in Abuja.
It is the first meeting of the MPC in 2025. At the last meeting held on November 26 and 27, 2024, the committee raised the monetary policy rate (MPR), which benchmarks interest rates, from 27.25% to 27.50%.
“The Monetary Policy Committee (MPC) voted to raise the Monetary Policy Rate (MPR) by 25 basis points from 27.25% to 27.50%; retains the Cash Reserve Ratio (CRR) for Deposit Money Banks (DMBs) at 50% and 16% for Merchant Banks. The committee retains the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR”, CBN Governor, Olayemi Cardoso, disclosed at the end of the two-day 298th MPC Meeting.
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.
