CBN Monetary Policy Committee to hold its first meeting for the year today and Tuesday

 

   Central Bank of Nigeria’s Monetary Policy Committee will hold its first meeting for the year today and Tuesday to review developments in the economy for this year.

    The 11 members of the Monetary Policy Committee meet once in two months to evaluate the economy and make adjustments in key variables to set new direction for economic growth.
     The meeting is coming at a time the country is passing through a biting recession, which has seen inflation rate as high as 18.55 per cent, high volatility in exchange rate and other acute economic challenges.
      Experts believe that there is a need for the Monetary Policy Committee to lower the benchmark interest rate in order to enhance the capability of the Deposit Money Banks to create credit in the economy.