CBN Governor, Yemi Cardoso
The Central Bank of Nigeria has announced the 294th meeting of the Monetary Policy Committee, a crucial gathering that shapes the nation’s economic policies.
The apex bank made this known in a document uploaded on its website on Tuesday.
The MPC is the highest policy-making committee of the bank with the mandate to review economic and financial conditions in the economy, determine appropriate stance of policy in the short to medium term and review regularly, the CBN monetary policy framework and adopt changes when necessary.
The two-day event is scheduled to be held on Monday, March 25, and Tuesday March 26, 2024, at the bank’s headquarters in Abuja.
The committee will review recent economic indicators, inflation rates, and exchange rate stability.
In a statement signed by the CBN governor, Olayemi Cardoso on Tuesday, the governor said, “I wish to acknowledge the significance of presiding over the inaugural Monetary Policy Committee meeting as the Governor of the Central Bank of Nigeria amidst a backdrop of profound economic challenges: escalating inflationary pressures, sluggish economic growth, volatile exchange rates of the naira, and a rising cost of living.
“The anticipation among Nigerians for this meeting to deliver viable solutions that will steer the economy towards sustainable growth and position Nigeria as an attractive investment destination is palpable.
“On a global scale, economic growth remains subdued while inflation, persistently exceeding the targets of most central banks, exhibits a gradual decline. Geopolitical conflicts continue to disrupt global supply chains, contributing to escalating debts reaching unprecedented levels.”
Domestically, Nigeria witnessed a surge in inflation to 29.9 per cent in January 2024, up from 28.9 per cent in December 2023. Despite the resilience of weak economic growth, the depreciation of the naira against major currencies, driven by a persistent shortage of foreign currency liquidity, has led to price pass-through effects. Notably, the equities market has shown promising performance in 2024.
Market analysts anticipate a cautious approach from the MPC, balancing economic growth with price stability. Investors and financial institutions closely monitor the committee’s decisions, which can significantly influence market dynamics.
While the MPC meetings are closed-door sessions, the CBN encourages public awareness and transparency.
A post-meeting press release will summarise the committee’s decisions and provide insights into Nigeria’s monetary policy direction.
