The Central Bank of Nigeria declared the 294th meeting of the Monetary Policy Committee, a very important meeting that influences the country's economic policies.
The top bank announced this on its website on Tuesday.
The MPC is the highest committee of the bank with the responsibility to assess economic and financial conditions, decide on appropriate policy in the short to medium term, and regularly review the CBN monetary policy framework and make changes as needed.
The two-day event is set to take place on Monday, March 25, and Tuesday March 26, 2024, at the bank’s headquarters in Abuja.
The committee will examine recent economic measures, inflation rates, and exchange rate stability.
In a statement from the CBN governor, Olayemi Cardoso on Tuesday, the governor said, “I want to acknowledge the importance of leading the first Monetary Policy Committee meeting as the Governor of the Central Bank of Nigeria in the midst of significant economic challenges: rising inflation, slow economic growth, unstable exchange rates of the naira, and increasing cost of living.
“Many Nigerians are expecting this meeting to come up with effective solutions that will guide the economy towards sustainable growth and position Nigeria as an attractive investment destination. There is a strong sense of anticipation.
“Globally, economic growth is still slow while inflation, which is consistently higher than the targets of most central banks, is gradually decreasing. Geopolitical conflicts are disrupting global supply chains, leading to increasing debts reaching unprecedented levels.”
Nigeria experienced a rise in inflation to 29.9 percent in January 2024, up from 28.9 percent in December 2023. Despite the weak economic growth, the devaluation of the naira against major currencies, caused by a persistent shortage of foreign currency, has led to price increases. The equities market has shown positive performance in 2024.
Market analysts expect a cautious approach from the MPC, balancing economic growth with price stability. Investors and financial institutions closely watch the committee’s decisions, which can significantly influence market dynamics.
While the MPC meetings are private, the CBN promotes public awareness and transparency.
A post-meeting press release will summarize the committee’s decisions and give insights into Nigeria’s monetary policy direction.
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 top 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 […]
