Regulatory Alerts2024-08-13 | CBN/MPC/COM/153/296Personal Statements of Members for the 296th Meeting of the Monetary Policy Committee, July 22 - 23, 2024
The Monetary Policy Committee of the Central Bank of Nigeria met to discuss economic and financial developments and decided to raise the Monetary Policy Rate to 26.75% from 26.25%, adjust the asymmetric corridor around the MPR, and retain the Cash Reserve Ratio and Liquidity Ratio. The Committee was mindful of rising prices' impact on households and businesses and expressed its commitment to controlling inflation. It noted the persistence of food inflation and the impact of rising food and energy costs, as well as insecurity in food-producing areas. The MPC suggested addressing the activities of middlemen who finance smallholder farmers and hoard or move farm produce across borders. It also noted the narrowing spread between foreign exchange segments, indicating improved market efficiency. The Committee reaffirmed its commitment to monitoring global and domestic economic developments to guide policy and ensure inflation expectations are anchored.