CBN schedules first MPC meeting under Cardoso for February

The Central Bank of Nigeria (CBN) has scheduled the first Monetary Policy Committee (MPC) meeting, under the tenure of Mr Olayemi Cardoso as governor, for Feb. 26 and Feb. 27.

According to a statement by CBN’s Acting Director, Corporate Communications Department, Mrs Hakama Sidi-Ali, the apex bank , consequently, held a two-day strategic session for members of the MPC preparatory to the meeting.

Sidi-Ali said that the session aimed to brainstorm and engage in an in-depth discussion about the committee’s objectives.

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

She said that the sessions were facilitated by former MPC members, monetary policy communication specialists from 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.

The last meeting of the MPC was held in July 2023, and was presided over by erstwhile acting governor,  Folashodun Shonubi.

At the July 2023 meeting, the MPC raised the benchmark interest rate, known as the Monetary Policy Rate (MPR), by 25 basis points to 18.75 per cent from 18.50 per cent.

Meanwhile, a calendar of meetings of the Monetary Policy Committee (MPC) for 2024 published on the CBN website indicates that the meetings have been scheduled for February, March, May, July, September and November.