The Central Bank of Nigeria has scheduled its 308th Monetary Policy Committee gathering for November 23 and 24 to evaluate macroeconomic shifts and financial developments following the aggressive benchmark interest rate adjustment implemented in September.
According to an official notification released by the apex bank, the first session of the two-day deliberations will commence on Monday, November 23, by 10 a.m., with proceedings resuming the following day, Tuesday, November 24, at 8 a.m. The high-level economic gathering is billed to take place at the MPC Meeting Room located on the 11th floor of the national headquarters of the bank in Abuja.
This upcoming convention follows closely on the heels of the previous assembly in September, during which the committee lowered the Monetary Policy Rate by 350 basis points, moving it downwards from 26.5 per cent to 23 per cent. That major policy shift was prompted by emerging indicators of moderating consumer prices, a more stable foreign exchange market, and resilient gross domestic product expansion. Official data showed headline inflation eased to 15.39 per cent in August 2026 down from 15.43 per cent in July, alongside a 4.43 per cent economic growth rate recorded in the second quarter.
Alongside the benchmark reduction, the financial authority also restructured the Standing Facilities Corridor to +50 and -300 basis points surrounding the MPR. Meanwhile, the Cash Reserve Requirement was maintained at 45 per cent for commercial deposit money banks, 16 per cent for merchant banks, and 75 per cent for public sector deposits outside the Treasury Single Account.
What will the MPC focus on during the November meeting?
Market watchers expect the committee to carefully evaluate whether the substantial monetary easing executed in September has effectively improved policy transmission across the financial system. A central objective will be determining if the measures have successfully lowered borrowing expenses for commercial enterprises and everyday households without jeopardizing hard-won stability against consumer inflation.
While ongoing improvements in the inflation profile could theoretically open the door for additional policy easing, financial analysts anticipate a cautious stance from policymakers. Many observers suggest that keeping the benchmark rate steady at 23 per cent remains a strong possibility as regulators observe how the recent adjustments continue to influence liquidity levels, interbank rates, and general lending conditions across the country.