CBN To Hold 294th MPC Meeting Monday

Posted by African Examiner Business News, Featured, Latest Headlines Tuesday, March 19th, 2024

(AFRICAN EXAMINER) – The Central Bank of Nigeria (CBN) says the 294th meeting of the Monetary Policy Committee (MPC) will begin on Monday, March 25, 2024.

In a Tuesday post on its X handle, the CBN said the two-day event is scheduled for Monday, March 25, and Tuesday, March 26, 2024, at the bank’s headquarters in Abuja.

Notice of the 294th Meeting of the Monetary Policy Committee (MPC). pic.twitter.com/Uks4PB4u9Z

— Central Bank of Nigeria (@cenbank) March 19, 2024

“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 CBN governor Olayemi Cardoso said about the meeting.

“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.”

During the meeting, the apex bank is expected to review recent economic indicators, inflation rates, and exchange rate stability.

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.