CBN To Hold First MPC Meeting Under Cardoso In February

Posted by African Examiner Featured, Latest Headlines, News Across Nigeria Saturday, January 20th, 2024

(AFRICAN EXAMINER) – The Central Bank of Nigeria (CBN) says its Monetary Policy Committee will hold its first meeting under the tenure of Mr. Olayemi Cardoso as Governor on Monday, February 26 and Tuesday, February 27, 2024.

The announcement follows a two-day strategic session for members of the Monetary Policy Committee (MPC) in preparation for the meeting in February.

Confirming this in Abuja on Friday, the Acting Director, Corporate Communications Department of the CBN, Mrs. Hakama Sidi Ali, disclosed that the session is aimed at brainstorming and engaging 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.

President Bola Tinubu appointed Cardoso as the governor of the CBN in October last year, replacing the embattled Godwin Emefiele.

Since Cardoso’s appointment and subsequent confirmation by the Senate, the CBN’s Monetary Policy Committee has not held any meeting.