Regulatory Alerts2023-05-17 | MPD/DIR/INT/MPC/003/045Central Bank of Nigeria Communique No. 147 of The Monetary Policy Committee Meeting Held on Monday 20th and Tuesday 21st March 2023 and Personal Statements of Members (1)
The Central Bank of Nigeria's Monetary Policy Committee met in March 2023 to discuss the country's economic situation and decide on monetary policy actions. The global economy faces headwinds such as bank failures and monetary tightening, while inflation remains high. In Nigeria, output recovery is moderate, and inflation is driven by food prices. The committee assessed risks and their impact on the economy, noting the stability of the banking system. They expect global output growth to improve but remain concerned about inflation. In Nigeria, real GDP grew, but headline inflation increased marginally. The committee aims to shield the economy from global shocks and sustain price stability. They voted to raise the Monetary Policy Rate by 50 basis points to 18%, retain other parameters, and strengthen regulatory oversight.