He Central Bank of Nigeria (CBN) has scheduled the first meeting of the Monetary Policy Committee (MPC) under Olayemi Cardoso as governor, for February 26-27.
According to a statement by the Acting Director of the CBN Corporate Communications Department, Hakama Sidi-Ali, the apex bank consequently held a two-day strategy session for MPC members preparatory to the meeting.
Ms Sidi-Ali said the session was aimed at exchanging ideas and engaging in in-depth discussion on the committee’s objectives.
He said critical areas of focus during the retreat included deliberations on the strategic plan to achieve necessary improvements in the monetary policy transmission mechanism.
He said the sessions were facilitated by former MPC members, IMF monetary policy communications specialists, and heads of departments critical to the MPC process.
“The valuable insights gained from these discussions will contribute significantly to the strength of the upcoming MPC meetings,” he said.
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The News Agency of Nigeria (NAN) recalls that the last MPC meeting was held in July 2023 and was chaired by the former acting governor, Folashodun Shonubi.
At the July 2023 meeting, the MPC raised the benchmark interest rate, known as the Monetary Policy Rate (MPR), by 25 basis points to 18.75 percent from 18.50 percent.
Meanwhile, a Monetary Policy Committee (MPC) meeting schedule for 2024 posted on the CBN website indicates that meetings are scheduled for February, March, May, July, September and November.