The Central Bank of Nigeria (CBN) has announced that the 301st meeting of the Monetary Policy Committee (MPC), where key interest rate decisions are made, will take place on Monday, July 21, and Tuesday, July 22, 2025.
According to the notice from the apex bank, the meeting will be held at the MPC Meeting room, at CBN head office, Abuja.
At its last meeting in May, the MPC unanimously voted to hold the benchmark policy rate at 27.50 percent. The decision reflected cautious optimism amid improving macroeconomic fundamentals. The Committee had noted that narrowing gaps between the official and parallel exchange rates, falling prices of Premium Motor Spirit (PMS), and a favourable trade balance signaled potential easing in inflationary pressures.
Members also acknowledged relative stability in the foreign exchange market and emphasised the importance of sustaining ongoing monetary reforms to reinforce market confidence.
Analysts at Afrinvest Securities Limited anticipate that the MPC will maintain its policy stance despite signs of disinflation and foreign exchange stability. They attributed their projection to continued external risks, food supply shocks caused by recent insecurity and flooding, and uncertainties arising from the delayed release of Nigeria’s rebased GDP figures for Q1 2025.
During the May meeting, the MPC had warned that reinflationary pressures were still significant, arguing that maintaining elevated interest rates was necessary to mitigate those risks. The Committee also raised concerns that any premature rate cut might destabilise the naira, especially as the current FX rate gains have been supported by attractive yields on Open Market Operation (OMO) bills.
