CBN Begins September MPC Meeting Amid Easing Inflation

The Central Bank of Nigeria's Monetary Policy Committee commenced its 307th meeting on September 21, focusing on economic conditions as inflation eases for the second consecutive month. As of September 14, Nigeria's gross external reserves increased to $54.61 billion, and the naira was trading at approximately ₦1,329.86 per dollar in the official market on September 16.

The committee will convene for two days, concluding on September 22, to assess inflation, liquidity, foreign-exchange conditions, and other economic developments. The current Monetary Policy Rate is set at 26.50%, unchanged since the July meeting, where the committee maintained a restrictive monetary policy stance.

Headline inflation decreased slightly to 15.39% in August from 15.43% in July, with core inflation at 13.29% and monthly inflation dropping to 0.71% from 1.57%. Despite these improvements, food prices and agricultural supply remain significant concerns for the Central Bank of Nigeria.