CBN set to hold 275th MPC meeting

The Central Bank of Nigeria has announced the date for the next meeting of its Monetary Policy Committee.

In a circular obtained by Business Metrics from its official website, the apex bank disclosed that September 21-22 has been booked for the meeting during which it will determine key monetary rates as a response to prevailing economic realities and with a few to repositioning the nation’s economy.

The meeting, scheduled to hold at Meeting Room, 11th Floor, CBN Headquarters, Abuja is the 275^th of its kind in the history of the apex bank.

The MPC is a committee of experts of the CBN responsible for formulating monetary and credit policies towards realising the mandate of the apex bank of financial system stability.

In line with sub-section 2 (d) and (e) of the CBN Act the MPC, which is chaired by the Governor of the CBN, has four Deputy Governors of the apex bank as members.

Other members include two members of the board of directors of the bank and three others.

At the last MPC meeting held in August 2020, where all key rates were left unchanged. Basically, the MPR was kept at 12.5 per cent, while other parameters such as Cash Reserve Ratio (CRR) at 27.5 per cent, Liquidity ratio at 30 per cent and asymmetric corridor were left flat.

Emefiele explained that eight members of the committee voted in favour of holding the MPR, while two members wanted it reduced.