Regulatory Alerts2023-09-08 | MPD/DIR/INT/MPP/003/126Central Bank of Nigeria Communique No. 149 of the 292nd Meeting of Monetary Policy Committee held on Monday 24th and 25th Tuesday July, 2023 and Personal Statements of Members
The Central Bank of Nigeria's Monetary Policy Committee met in July 2023 to discuss the country's economic situation, including global and domestic uncertainties. The committee reviewed developments such as geopolitical tensions and threats to globalization, which continue to impact the economy. On the domestic front, output growth remained moderate while prices remained high. The committee assessed these developments and the outlook for the rest of the year, focusing on the persistent rise in inflation and its potential adverse effects on output growth and household income. The committee urged collaboration between monetary and fiscal authorities to address inflation and incentivize domestic investment. They also emphasized the need to attract investments to boost non-oil revenues. The committee decided to raise the Monetary Policy Rate by 25 basis points to 18.75% and adjust the asymmetric corridor to +100/-300 basis points around the MPR.