CBN reschedules MPC meeting to February 19

The Central Bank of Nigeria (CBN) has rescheduled the 299th monetary policy committee (MPC) meeting slated to hold on February 17 and 18.

In a statement on Monday, CBN said the meeting will now be held on February 19 and 20.

The first MPC meeting for 2025 was initially scheduled to hold on January 27 and 28 but was moved to February.

“The 299th meeting of The Monetary Policy Committee (MPC) is scheduled to hold as follows,” the statement reads.

“Day 1: Wednesday, February 19, 2025 Time: 10:00am

“Day 2: Thursday, February 20, 2025 Time: 8:00am.”

The meeting will be held at the CBN headquarters, Abuja.

The MPC committee, led by Olayemi Cardoso, CBN governor, is the highest policy-making committee of the bank.

At the last meeting held on November 25 and 26, 2024, the committee raised the monetary policy rate (MPR), which benchmarks interest rates in the country, to 27.50 percent — from 27.25 percent.

The committee retained the asymmetric corridor at +500 and -100 basis points around the MPR, while the cash reserve ratio (CRR) was retained at 50 percent, as well as the liquidity rate at 30 percent.

Cardoso said the MPR was raised to address price developments.

The governor said the MPC stressed the need to focus on the optimum policy choice to address the uptrend in price development, stabilise the exchange rate, and anchor inflation expectations appropriately.