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Nigeria's rate-setting committee to decide on interest rate next week

Godwin Emefiele, CBN governor, speaking at the end of the 270th meeting of the Monetary Policy Committee (MPC) at the apex bank’s headquarters in Abuja. (Twitter/Channels Television)
  • Central Bank of Nigeria (CBN) reschedules its Monetary Policy Committee (MPC) to January 23rd and 24th, 2020.
  • The meeting will be the first in 2020. 
  • At the last meeting, CBN MPC left the country’s interest rate at 13.5% to tame uptick in inflationary pressures and support price stability.

The Central Bank of Nigeria (CBN) has rescheduled its first Monetary Policy Committee (MPC) meeting for 2020.

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The meeting earlier scheduled to hold on Monday and Tuesday, January 20th and 21st, 2020, will now hold on Thursday and Friday, January 23rd and 24th, 2020.

Isaac Okorafor, the apex bank's Director of Corporate Communication, disclosed this earlier this week.

At the November 2019 meeting, the CBN MPC left the country's interest rate at 13.5% while inflation climbed to 11.9%, higher than the single rate target.

In a communique issued at the end of the last meeting, members of the Committee believed that maintaining the current policy stance will help tame uptick in inflationary pressures and support price stability.

The also listed institutional reforms in revenue-generating and improved ease of doing business among urgent issues the President Muhammadu Buhari-led executive team needs to face.

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