The Central Bank of Nigeria’s Monetary Policy Committee (MPC) is poised to hold its inaugural policy meeting for the year on February 26th and 27th, as disclosed in the preliminary MPC meeting calendar accessible on the apex bank’s website.
This significant gathering marks the first under the guidance of Governor Yemi Cardoso and is part of a series of six scheduled sessions throughout the year.
The subsequent MPC meeting is outlined for March 25th and 26th, 2024, with subsequent sessions planned for May, July, September, and November.
The MPC’s preceding meeting in July, presided over by the temporarily suspended former governor Godwin Emefiele, witnessed a noteworthy adjustment with the benchmark rate reaching a historic peak of 18.75 percent. This strategic move aimed to counteract the mounting inflation rate, which stood at 23 percent during that period.
However, since the July meeting, inflation has experienced a further surge to 28.9%, marking its highest point in almost three decades. Contributing factors include the escalation of fuel costs subsequent to the removal of a gasoline subsidy, heightened food prices, and a depreciating naira, leading to increased import expenditures. The upcoming MPC meetings are anticipated to address these pressing economic challenges.
