5 months ago
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The Central Bank of Nigeria has issued a notice of a Monetary Policy Meeting to decide on measures to tackle the country’s rising inflation and economic hardship.
The apex bank in a notice released on its website on Tuesday said that July’s meeting is scheduled for Monday to Tuesday next week.
This would be the bank’s 296th MPC and fourth since the appointment of its governor, Olayemi Cardoso in September 2023.
Recall that the MPC had continued its tightening measures which saw the country’s interest rise to 26.25 percent in May from 18.75 percent in May 2023.
The CBN had insisted on an interest rate hike despite a call by stakeholders within the financial sector for a break.
The Centre for the Promotion of Private Enterprise had in the past advised CBN not to raise interest to allow businesses to recover from the previous rate hike.
This notice comes as the country’s headline and food inflation rose for the 19th time to 34.19 percent and 40.87 percent respectively in June 2024.
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