2023-06-30 | MPD/DIR/INT/MPC/003/076

Central Bank of Nigeria Communique No. 148 of the 291st Meeting of Monetary Policy Committee held on Tuesday 23rd, and Wednesday 24th May, 2023 and Personal Statements of Members

The Central Bank of Nigeria's Monetary Policy Committee met on May 23-24, 2023, to discuss global and domestic economic developments and their implications for Nigeria. The committee assessed the risks to the global economy, including the US banking crisis, the Russia-Ukraine war, and tensions between China and the US. Domestically, high public debt, inflation, declining oil production, and moderate output growth were identified as key concerns. The committee decided to raise the Monetary Policy Rate by 50 basis points to 18.5% to curb inflation and support economic growth.

Nigeria

Central Bank of Nigeria

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