CBN to Convene 294th MPC Meeting March 25, 26.

In a statement released on Wednesday, the apex bank disclosed that the forthcoming MPC gathering follows its previous meeting held on February 26 and February 27.

Notably, the 293rd MPC meeting marked the first session since Olayemi Cardoso assumed office as the Governor of the Central Bank.

The MPC serves as the highest policy-making body of the CBN, tasked with assessing economic and financial conditions within the country and determining the appropriate policy stance in the short to medium term.

Among its primary responsibilities, the committee evaluates the CBN’s monetary policy framework and recommends any necessary adjustments to uphold the bank’s objectives.

The bi-monthly MPC meetings play a pivotal role in fulfilling the CBN’s mandate of maintaining price stability, as decisions made during these sessions directly influence the country’s monetary policy rate (MPR).

During the previous MPC meeting, the committee opted to raise the MPR by 400 basis points, increasing it from 18.75 percent to 22.75 percent.

Additionally, the CRR (cash reserve ratio) was raised from 32.5 percent to 45 percent, while the liquidity ratio remained unchanged at 30 percent.