Regulatory Alerts2024-10-24 | MPD/MPC/DIR/INT/MPP/004/153Personal Statements of Members for the 297th Meeting of the Monetary Policy Committee (MPC)
The Monetary Policy Committee of the Central Bank of Nigeria met on September 23-24, 2024, to discuss recent economic and financial developments and their impact on the economy. The committee decided to raise the Monetary Policy Rate by 50 basis points to 27.25% and retain the asymmetric corridor at +500/-100 basis points. The Cash Reserve Ratio for Deposit Money Banks was increased by 500 basis points to 50%, while the Merchant Banks' ratio was raised by 200 basis points to 16%. The Liquidity Ratio was kept at 30%. The committee noted the moderation in headline inflation and the relative stability of the exchange rate, but recognized that more needed to be done to achieve the bank's price stability mandate. The committee also acknowledged the need to work with the fiscal authority to address energy price pressures and curb excess liquidity in the system.