Economy | Monetary Policy

MPC to Hold 290th Meeting on March 20th and 21st, 2023

Mar 14, 2023   •   by Proshare News   •   Source: Proshare   •   eye-icon 248 views

The Monetary Policy Committee of the Central Bank of Nigeria will hold its 290th meeting on March 20th and 21st, 2023. 


This will be the second CBN MPC meeting for the year 2023 and comes two days after the conclusion of the Gubernatorial elections in 29 states. 


The MPC at the end of its two-day meeting on March 21st will feature a post briefing, to the financial correspondents on the outcome of the meeting.


Central Bank Governor Mr. Godwin Emefiele, CON will address key issues around monetary policy and the economy. 


Currently, the monetary policy indicators are as follows: monetary policy rate(17.50%), asymmetric corridor (+100/-700 basis points around the mpr ), cash reserve ratio (32.50%) and liquidity ratio (30.00%).



It is also expected that the CBN Governor will speak to the recent developments around the naira redesign policy, financial system stability and the foreign exchange market.


At the international level, the U.S Federal Reserve Chairman Mr. Jerome Powell signaled to the markets a return to the hawkish monetary policy approach of raising rates. 


According to Mr. Jerome Powell the focus remains returning the United States of America to the inflation target of 2%. 


Some of the key Issues the MPC Will Consider 

  • The State of the Global Economy
  • Monetary Policy Watch Across Key Economies
  • The State of the Nigerian Economy
  • February,2023 Inflation report
  • Q4, 2022 Nigerian GDP report
  • Nigerian capital market performance
  • Credit to private sector 
  • Level of CBN interventions across sectors of the economy


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