2022-12-22 | MPD/DIR/INT/MPC/002/119

Central Bank of Nigeria Communique No. 145 of the 288th Monetary Policy Committee Meeting Held on Monday 21st and Tuesday 22nd November 2022 and Personal Statements of Members

The Central Bank of Nigeria's Monetary Policy Committee met to discuss the country's economic situation and decided to raise the Monetary Policy Rate to 16.5% to combat rising inflation and restore investor confidence. The economy has experienced seven consecutive quarters of positive growth, but inflation has also been on an upward trend. The committee noted the impact of global factors such as the war in Ukraine and China's zero-COVID policy, as well as domestic issues like flooding and insecurity, on the economy. They voted to raise the MPR, retain the CRR and liquidity ratio, and maintain an asymmetric corridor around the MPR.

Nigeria

Central Bank of Nigeria

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