CBN to hold MPC meeting May 19

By Mariam Abeeb

The Central Bank of Nigeria (CBN) has announced its forthcoming monetary policy committee (MPC) meeting.

In a notice on Tuesday, the CBN said its 300th MPC meeting will be held on May 19 and 20 at its headquarters in Abuja.

The committee, led by Olayemi Cardoso, the CBN governor, is the highest policymaking committee of the bank.

At the last meeting held on February 19 and 20, 2025, the committee retained the monetary policy rate (MPR), which benchmarks interest rates in the country, at 27.5 percent.

The CBN’s decision to retain the MPR followed a report by the National Bureau of Statistics (NBS) on February 18 that Nigeria’s inflation rate dropped to 24.48 percent from 34.8 percent, after rebasing the consumer price index (CPI).

The committee also held the cash reserve ratio (CRR) at 50 percent, and liquidity ratio at 30 percent.

Speaking at the press briefing, Cardoso said the committee was satisfied with recent macroeconomic developments, which are expected to positively impact price dynamics in the near to medium term.

“These include the stability in the foreign exchange market with the resultant appreciation of the exchange rate and the gradual moderation in the price of PMS,” he said.

The CBN governor also said the committee called for continuous strengthening of collaboration between the monetary and fiscal sectors to achieve the mutually beneficial objectives of price stability and sustainable growth.