CBN to hold MPC meeting Feb 26 — first since Cardoso’s appointment

The Central Bank of Nigeria (CBN) is set to hold its first monetary policy committee (MPC) meeting – six months after its last one.

The meeting is scheduled for February 26, 2024, and February 27, 2024.

CBN had on two occasions in 2023 postponed MPC meeting without giving specific explanations. 

The MPC is the highest policy-making committee of the bank set up to review economic and financial conditions in the economy and determine the appropriate stance of policy in the short to medium term.

The committee is also tasked with reviewing the CBN monetary policy framework, and adopting changes when necessary.

Its meeting is critical to the price stability functions of the central bank as it determines interest rates to curb the persistent rise in inflation.

Confirming the new date on Friday, Hakama Sidi Ali, CBN’s acting director of the corporate communications department said the decision was made after a two-day strategic session for members of the MPC.

She said the meeting was in preparation for its first meeting under the tenure of  Olayemi Cardoso as governor.

On September 22, 2023, Cardoso, who was nominated by President Bola Tinubu, was confirmed by the senate as governor of the apex bank.

Speaking further about the preparatory meeting, Ali said the session aimed to brainstorm and engage in an in-depth discussion about the committee’s objectives.

She said the critical focus areas during the retreat included deliberations on the strategic plan to effect necessary improvements in the monetary policy transmission mechanism.

According to Ali, the sessions were facilitated by former MPC members, monetary policy communication specialists at the IMF, and directors of departments critical to the MPC process. 

“The valuable insights gained from these discussions will significantly contribute towards the robustness of the forthcoming MPC meetings,” she said. 

Meanwhile, in a calendar showing the committee’s schedule for this year, the CBN indicated that the MPC meetings are slated for February, March, May, July, September and November.