By Sodiq Adelakun
The Central Bank of Nigeria has disclosed the upcoming 294th meeting of its Monetary Policy Committee (MPC), a pivotal gathering influencing the nation’s economic strategies.
This announcement was conveyed through a document published on the bank’s website on Tuesday.
Tasked as the primary policy-making body of the bank, the MPC is entrusted with evaluating economic and financial landscapes, establishing suitable policy directions in the short to medium term, and consistently reassessing the CBN’s monetary policy framework, implementing adjustments as deemed 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.”
Inflation in Nigeria surged to 29.9 percent in January 2024, up from 28.9 percent in December 2023, amid weak economic growth and currency depreciation against major currencies.
The naira’s decline was driven by persistent foreign currency liquidity shortages, leading to price pass-through effects. Despite these challenges, Nigeria’s equities market has shown promising performance this year.
Market analysts expect the Monetary Policy Committee (MPC) to adopt a cautious approach, balancing economic growth with price stability. The MPC’s decisions are closely monitored by investors and financial institutions due to their significant impact on market dynamics.
Although MPC meetings are held behind closed doors, the Central Bank of Nigeria (CBN) emphasizes public awareness and transparency. A post-meeting press release will provide a summary of the committee’s decisions, offering insights into Nigeria’s monetary policy direction.