Naira/Dollar exchange rate, inflation in focus as CBN announces September date for MPC meeting

• The Central Bank of Nigeria has announced the date of its next monetary policy committee meeting in September.
• At the meeting, the CBN will assess the country’s financial and economic situation, with emphasis on the depreciation of the naira and inflation.
• Naira suffers worst performance since February 2024, CBN hopes to find solution

Legitimate.ng Journalist Dave Ibemere has over a decade of experience in business journalism with in-depth knowledge of the Nigerian economy, stocks and general market trends.

The Central Bank of Nigeria (CBN) has confirmed that its next Monetary Policy Committee (MPC) meeting will be held on Monday, September 23 and Tuesday, September 24, 2024, at the bank’s headquarters in Abuja.

At the meeting, the central bank will focus on reviewing the country’s economic and financial conditions and determining the appropriate stance of monetary policy in the short and medium term.

The statement says:

“We inform you that the 297th meeting of the Monetary Policy Committee is scheduled as indicated: Day 1: Monday, September 23, 2024 Time: 10:00 a.m. Day 2: Tuesday, September 24, 2024 Time: 8:00 a.m.”

What is MPC?

The Monetary Policy Committee (MPC) is the highest policy-making body of the Central Bank of Nigeria (CBN). It is responsible for formulating policies aimed at maintaining price stability, supporting sustainable economic growth and managing inflation.

The main functions of the MPC include determining interest rates (monetary policy rate, MPR), setting inflation targets and developing strategies to stabilise the currency.

The committee meets regularly to assess Nigeria’s economic and financial situation and take decisions that guide the country’s monetary policy framework.

CPM Decisions

In recent meetings, the CBN has increased the policy rate and interest rates as part of its efforts to combat rising inflation.

The September meeting is expected to be different.

CBN publishes interest rates on customers’ savings accounts

Legit.ng reported that Deposit Money Banks (DMBs) have increased their interest rates on deposits to reflect the latest monetary policy rate announced by the Central Bank of Nigeria.

The CBN raised the Monetary Policy Rate (MPR) to 24.75% in May 2024 from 22.75% in February 2024.

Checks showed that 18 Nigerian banks are now offering customers at least 7.88% interest on their deposits as of June 28, 2024.

Source: Legit.ng