CBN MPC MEETING BEGINS TODAY AS 63.3% OF NIGERIANS DEMAND RATE CUT

Abuja, FCT – By Prime Brief Media

The Monetary Policy Committee of the Central Bank of Nigeria convenes today for its third meeting of the year, with a majority of Nigerians surveyed expressing a strong desire for a reduction in interest rates to ease the cost of borrowing and stimulate economic activity.

A survey by a Lagos-based research firm released ahead of the meeting shows that 63.3 per cent of respondents want the MPC to cut the benchmark Monetary Policy Rate, currently at 26.5 per cent. Businesses and households have struggled with high lending rates that have constrained access to credit and raised the cost of financing for manufacturers and small enterprises.

However, the MPC faces a delicate balancing act. Headline inflation rose to 15.69 per cent in April, up from 15.38 per cent in March, driven by higher fuel prices and food costs. The Committee will weigh the need to support growth against the imperative of controlling price pressures. Analysts are split, with some expecting a hold and others anticipating a marginal cut.

CBN Governor Olayemi Cardoso has emphasised the Bank's commitment to price stability and has signalled that any rate decision will be data-driven. The MPC's decision is expected to be announced on Tuesday afternoon after the conclusion of the two-day meeting.

Prime Brief Media will report on further economic indicators and official responses as they become available.

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