CBN will hold its 294th MPC meeting on March 25–26.

The 294th Monetary Policy Committee (MPC) meeting will take place next week, with sessions set for March 25 and 26, according to a statement from the Central Bank of Nigeria (CBN).

The top bank revealed that the upcoming MPC meeting comes after its earlier meeting on February 26 and 27 in a statement that was made public on Wednesday.

Interestingly, the 293rd MPC meeting was the first since Olayemi Cardoso became the Central Bank Governor.

With the responsibility of evaluating the nation’s financial and economic situations and choosing the best course of action for the short- to medium-term, the MPC is the CBN’s highest policy-making body.

One of the committee’s main duties is to assess the CBN’s monetary policy framework and suggest any changes that should be made to maintain the bank’s goals.

Because decisions made during these sessions directly affect the nation’s monetary policy rate (MPR), the bi-monthly MPC meetings are essential to the CBN’s ability to carry out its mandate of preserving price stability.

The MPR was raised by 400 basis points, from 18.75 percent to 22.75 percent, by the committee at the previous MPC meeting.

Furthermore, the cash reserve ratio (CRR) increased from 32.5 percent to 45 percent, with the liquidity ratio staying at 30 percent.