The Central Bank of Nigeria (CBN) has fixed Monday,  20th March and Tuesday 21st March, 2023 for the 290th meeting of its Monetary Policy Committee (MPC).

MPC is the highest policy-making committee of the CBN. Among other functions, the Committee has the mandates to: Review economic and financial conditions in the economy; Determine appropriate policy stance in the short to medium term; Review regularly the CBN monetary policy framework and adopt changes when necessary.

According to information published Tuesday on the website of the apex bank, the two-day  290th meeting, would be held  at MPC Meeting Room, 11th Floor, CBN Head Office, Abuja.

Titled, “Notice of the 290th Meeting of the Monetary Policy Committee (MPC)”, the notice reads: 

“The 290th meeting of the Monetary Policy Committee (MPC) is scheduled to hold as indicated below:   

Day 1:  Monday, March 20, 2023, Time: 10.00 a.m.   

Day 2: Tuesday, March 21, 2023, Time:  8.00 a.m.  

“Venue: MPC Meeting Room, 11th Floor, CBN Head Office, Abuja.”

The MPC meeting is coming amid a headline inflation rate of 21.81 per cent in January.

The MPC had at its last meeting in January  increase the benchmark lending rate by 100 basis points to 17.5 per cent.

The Committee also kept the asymmetric corridor at +100/-700 basis points around the MPR. It however retained Cash Reserve Ratio (CRR) by 32.5% while liquidity ratio was kept at 30%.