The Monetary Policy Committee of the Central Bank of Nigeria will hold its first policy meeting for the year on February 26th and 27th.
Confirming this in Abuja on Friday, January 19, 2024, the Acting Director, Corporate Communications Department, Mrs Hakama Sidi Ali, disclosed that the session aimed to brainstorm and engage in an in-depth discussion about the committee’s objectives.
She revealed that 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 her, 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 noted.
The meeting which will be the first under the leadership of Governor Yemi Cardoso is scheduled to be one of the six meetings scheduled for this year.
According to the document, the bank will hold its second MPC meeting on the 25th and 26th of March, 2024.
It also stated that other meetings will be held in May, July, September, and November.
The MPC last met in July, under suspended former governor, Godwin Emefiele, when it raised the benchmark rate to a record high of 18.75 percent to rein in surging inflation — then at 23 percent.
Since July, inflation has accelerated further to 28.9% — the highest in almost three decades, spurred by surging fuel costs after the government removed a gasoline subsidy, higher food prices, and a plunging naira that has raised the cost of imports.
