The Central Bank of Nigeria (CBN) has announced that it will hold its 304th Monetary Policy Committee (MPC) meeting on February 24, 2026, as policymakers continue efforts to manage inflation, stabilise the foreign exchange market, and strengthen macroeconomic conditions.
The schedule was disclosed in an official circular published on the apex bank’s website on Monday. According to the notice, the two-day meeting will take place at the CBN headquarters in Abuja, beginning on Monday, February 23, and concluding on Tuesday, February 24.
The MPC meeting comes at a critical moment for Africa’s largest economy, as authorities balance signs of easing inflation against persistent concerns around high interest rates, currency stability, and borrowing costs for businesses and households.
The Monetary Policy Committee is the CBN’s highest decision-making body on monetary and credit policies. It determines the direction of interest rates and liquidity conditions through key instruments such as the Monetary Policy Rate (MPR), Cash Reserve Ratio (CRR), and Liquidity Ratio.
According to the circular, deliberations will focus on recent inflation trends, exchange rate developments, output growth, and broader financial system stability before policy decisions are announced at the end of the meeting.
At its last meeting in November 2025, the MPC retained the Monetary Policy Rate at 27 per cent, maintaining a tight policy stance aimed at curbing inflationary pressures and supporting the naira. The decision kept Nigeria’s benchmark interest rate at one of its highest levels in recent history, reflecting the CBN’s cautious approach to monetary easing.
The committee also retained the Cash Reserve Ratio at 45 per cent for deposit money banks and 16 per cent for merchant banks, while keeping the Liquidity Ratio unchanged at 30 per cent. These measures have continued to limit excess liquidity in the banking system, even as they increase borrowing costs across the economy.
Earlier, at its 302nd meeting in September 2025, the MPC cut the MPR by 50 basis points from 27.5 per cent to 27 per cent, signalling a tentative shift after months of aggressive tightening. However, subsequent meetings have largely favoured policy continuity amid lingering macroeconomic risks.
Recent inflation data may shape discussions at the February meeting. Figures from the National Bureau of Statistics show that Nigeria’s headline inflation eased to 15.15 per cent in December 2025, following a review of the Consumer Price Index methodology. This marked a sharp decline from the 17.33 per cent recorded in November and a significant slowdown compared with the 34.80 per cent recorded in December 2024.
Despite the improvement, the CBN has repeatedly stressed that sustained price stability, rather than short-term moderation, will guide its policy decisions. Analysts note that while easing inflation could open the door for gradual policy adjustments, concerns around exchange rate volatility and capital flows may keep the apex bank cautious.
The upcoming MPC meeting is expected to attract close attention from investors, financial markets, and businesses, as any shift in policy stance could influence lending rates, investment decisions, and overall economic sentiment.
Market watchers will also be looking for guidance on the CBN’s outlook for 2026, particularly as the government pursues broader economic reforms aimed at restoring growth and investor confidence.
