The Central Bank of Nigeria (CBN) will hold its 304th Monetary Policy Committee (MPC) meeting on Monday and Tuesday, February 23–24, 2026.
The schedule was disclosed in a circular published on the apex bank’s website on Monday. The meeting comes as the CBN continues efforts to contain inflation, stabilise the foreign exchange market and strengthen macroeconomic conditions.
The MPC — the bank’s highest policy-making body — formulates monetary and credit policies aimed at maintaining price stability. Using instruments such as the Monetary Policy Rate (MPR), Cash Reserve Ratio (CRR) and Liquidity Ratio (LR), it guides interest rate conditions and overall monetary direction.
Comprising the CBN governor, deputy governors, board members and appointed external members, the committee reviews key indicators including inflation, GDP growth and exchange-rate trends before making decisions.
According to the notice, the meeting will take place at the MPC Meeting Room on the 11th floor of the CBN headquarters in Abuja. Proceedings are scheduled for 10:00 a.m. on February 23 and 8:00 a.m. on February 24.
At its last meeting in November 2025, the MPC retained the MPR at 27 percent, sustaining a restrictive stance aimed at curbing inflation and supporting currency stability. The bank has maintained that a tighter policy, despite raising borrowing costs, is necessary to restore macroeconomic confidence.
Earlier, at the 302nd meeting in September 2025, the committee reduced the MPR by 50 basis points from 27.5 percent to 27 percent and narrowed the asymmetric corridor to +250/–250 basis points, signalling a cautious shift amid improving inflation signals.
Outcomes from the 303rd meeting largely reflected policy continuity. The MPC retained the MPR at 27 percent; kept the CRR at 45 percent for deposit money banks and 16 percent for merchant banks; maintained the 75 percent CRR on non-TSA public sector deposits; and held the liquidity ratio at 30 percent. The corridor was adjusted to +50/–450 basis points.
Recent inflation data may shape deliberations at the February session. National Bureau of Statistics figures show headline inflation eased to 15.15 percent in December 2025 after a methodological review, down from 17.33 percent in November and significantly lower than 34.80 percent recorded a year earlier.
While the moderation suggests easing price pressures, the CBN has consistently indicated that sustained stability — rather than short-term improvements — will determine its policy direction.
