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Putting an end to the indefinite postponement of its regular bi-monthly assessment of key economic indicators, the Central Bank of Nigeria (CBN) has announced the resumption of the Monetary Policy Committee (MPC) meeting on February 26 and February 27, marking the first meeting under the leadership of Governor Olayemi Cardoso.
In an official statement from CBN’s Acting Director of the Corporate Communications Department, Mrs. Hakama Sidi-Ali, the central bank conducted a two-day strategic session for MPC members as part of the preparations for the upcoming meeting.
Sidi-Ali highlighted that the session aimed to foster brainstorming and in-depth discussions about the committee’s objectives. Critical areas of focus during the retreat included deliberations on a strategic plan to implement necessary enhancements in the monetary policy transmission mechanism.
Former MPC members, monetary policy communication specialists from the IMF, and directors of departments crucial to the MPC process facilitated the sessions.
“The valuable insights gained from these discussions will significantly contribute towards the robustness of the forthcoming MPC meetings,” remarked Sidi-Ali.
The previous MPC meeting took place in July 2023, presided over by the then acting governor, Folashodun Shonubi. During that meeting, the MPC increased the benchmark interest rate, known as the Monetary Policy Rate (MPR), by 25 basis points, raising it to 18.75 per cent from 18.50 per cent.
Additionally, the CBN has published a calendar of MPC meetings for 2024 on its website, outlining scheduled meetings for February, March, May, July, September, and November.
#CBN to Resume MPC Meeting in Feb.
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