Emma Ujah, Abuja Bureau Chief 

The Central Bank of Nigeria (CBN) will hold the 294th meeting of the Monetary Policy Committee on Monday and Tuesday, next week.

That MPC meeting will be the second under Governor Olayemi Cardoso’s administration. 

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The notice of meeting was posted on CBN’s website today.

At the first meeting of the committee under the new administration, the Monetary Policy Rate (MPR) was raised by 400 basis  points from 18.75 percent to N22.75 percent.

The committee explained that it took the decision because of the prevalent high rate of inflation, which at that time was 29.2 percent. 

The latest inflation rate figure as announced by the National Bureau of Statistics has since climbed to 31.70 percent.

Going by the principle of inflation targeting policy framework,  the MPC might be forced to hold rate and still observe the impact of last month’s hike or raise it further, as the gap between the MPR and the inflation rate remains quite wide.