The Central Bank of Nigeria (CBN) has set the stage for its first Monetary Policy Committee (MPC) meeting under the leadership of Governor Olayemi Cardoso, scheduled to take place on February 26 and 27.
In preparation for the upcoming meeting, the CBN conducted a two-day strategic session for MPC members, as confirmed by CBN’s Acting Director of Corporate Communications, Hakama Sidi-Ali. The session’s primary objective was to facilitate in-depth discussions and brainstorming on the committee’s goals and priorities.
The retreat placed critical emphasis on deliberations regarding the strategic plan to implement essential enhancements in the monetary policy transmission mechanism. Further, the sessions were enriched by the expertise of former MPC members, monetary policy communication specialists from the IMF, and directors of departments pivotal to the MPC process.
Stressing the significance of these discussions, Mrs Sidi-Ali stated, “The valuable insights gained from these discussions will significantly contribute towards the robustness of the forthcoming MPC meetings.”
NAN’s report on the last MPC meeting in July 2023, presided over by erstwhile acting governor Folashodun Shonubi, highlighted a 25 basis points increase in the benchmark interest rate (Monetary Policy Rate, MPR) to 18.75% from 18.50%.
Moreover, the CBN’s published calendar of MPC meetings for 2024 outlines schedules for February, March, May, July, September, and November meetings.
