The Central Bank of Nigeria (CBN) has announced that 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, ending uncertainties surrounding the apex bank’s approach to tackling inflation and interest rates.
Acting Director, Corporate Communications Department of the CBN, Mrs. Hakama Sidi Ali, in a statement, 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.
It will be recalled that President Bola Tinubu had appointed Cardoso as the governor of the CBN in October last year, replacing the embattled Godwin Emefiele. However, since Cardoso’s appointment and subsequent confirmation by the Senate, the CBN’s Monetary Policy Committee has not held any meeting.
