CBN Governor, Olayemi Michael Cardoso
To address inflation CBN schedules MPC meeting for July 22-23
The Central Bank of Nigeria (CBN) has scheduled a Monetary Policy Meeting to address the country’s escalating inflation and economic difficulties.
According to a notice posted on its website on Tuesday, the meeting will take place next week from Monday to Tuesday.
This upcoming meeting marks the 296th session of the Monetary Policy Committee (MPC) and the fourth since Olayemi Cardoso assumed the role of governor in September 2023.
The MPC has consistently implemented tightening measures, resulting in an increase in the interest rate to 26.25 percent in May, up from 18.75 percent in May 2023. Despite calls from financial sector stakeholders for a pause, the CBN has maintained its stance on raising interest rates.
The Centre for the Promotion of Private Enterprise previously advised the CBN to refrain from further hikes to allow businesses time to recover from the previous increases.
Billionaire Businessman, Aliko Dangote, also recently complained about the rising interests rate hike describing them as inimical to investment and economic development.
This notice comes as Nigeria’s headline and food inflation rates climbed for the 19th consecutive time, reaching 34.19 percent and 40.87 percent, respectively, in June 2024.
