The Central Bank of Nigeria (CBN) has confirmed that the 301st meeting of its Monetary Policy Committee (MPC) will be held on Monday, 21 July, and Tuesday, 22 July 2025, at the bank’s headquarters in Abuja.
The meeting, a key event where decisions on benchmark interest rates are taken, comes at a time of cautious optimism in Nigeria’s macroeconomic landscape.
At its last session in May, the Committee unanimously voted to retain the Monetary Policy Rate (MPR) at 27.50 per cent, citing improvements in key indicators such as narrowing gaps between official and parallel exchange rates, a decline in Premium Motor Spirit (PMS) prices, and a favourable trade balance—all pointing to a potential softening of inflation.
Committee members also acknowledged greater stability in the foreign exchange market and reiterated the need to continue with ongoing monetary reforms to strengthen investor confidence and market credibility.
Despite emerging signs of disinflation and a stabilised naira, analysts at Afrinvest Securities Limited expect the MPC to leave the interest rate unchanged at the upcoming meeting. They cited ongoing external vulnerabilities, disruptions to food supply caused by insecurity and flooding, and lingering uncertainty due to the delayed release of Nigeria’s rebased Gross Domestic Product figures for the first quarter of 2025.
During its last deliberations, the Committee had flagged persistent inflationary pressures and stressed that a premature rate reduction could jeopardise recent naira gains, especially as strong yields on Open Market Operation (OMO) bills have helped to anchor the currency.
As policymakers prepare to reconvene, all eyes are on how the MPC will balance short-term macroeconomic risks with the need to stimulate broader economic recovery.