CBN Set To Hold First MPC Meeting Under Cardoso Amidst Rising Inflation

The Central Bank of Nigeria (CBN) has held a two-day strategic session for members of the Monetary Policy Committee (MPC) meeting, preparatory to their first meeting under the tenure of Mr. Olayemi Cardoso as Governor, scheduled for Monday, February 26, and Tuesday, February 27, 2024.

Confirming this in Abuja on Friday, 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.

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 2024.

At the last MPC meeting in July last year, the central bank pegged the benchmark lending rate at 18.75 per cent.

Analysts say investors have been looking forward to the MPC meeting for signals on how the lender intends to address the nation’s inflationary trend.