Regulatory Alerts2023-05-25 | MPD/DIR/INT/MPC/003/072Central Bank of Nigeria Communiqu� No. 148 of the 291st Meeting of Monetary Policy Committee held on Tuesday 23rd, and Wednesday 24th May, 2023
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria met to discuss the country's economic situation amid global and domestic challenges. The committee assessed the risks, including high public debt, inflation, and declining oil production, and decided to raise the Monetary Policy Rate (MPR) moderately by 50 basis points to 18.5%. The decision aims to address rising inflation, which has been driven by both demand and supply-side issues, and support economic recovery. The committee also noted the need for improved exchange rate policies and coordination between monetary and fiscal authorities to boost growth and address risks.
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