Regulatory Alerts2023-06-14 | MPD/DIR/INT/MPC/003/075Central Bank of Nigeria Communiqu� No. 147 of the Monetary Policy Committee Meeting held on Monday 20th and Tuesday 21st March, 2023
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 challenges such as bank failures in the US and Switzerland, the Russia-Ukraine conflict, and high inflation. Nigeria's economy is recovering moderately, with rising inflation driven by food costs. The committee assessed risks and their impact on Nigeria, forecasting continued recovery in 2023 and 2024. The Central Bank will continue interventions to stimulate production and productivity. The overall outlook for global and domestic economies remains uncertain due to new and existing risks. The Nigerian economy is expected to grow in 2023, but inflation, rising debt, and fiscal imbalances pose challenges. The committee voted to raise the Monetary Policy Rate by 50 basis points to 18%, while retaining other parameters.