The Central Bank of Nigeria (CBN), has scheduled the first policy meeting of the year for the Monetary Policy Committee (MPC) to take place on 26th and 27th of February.
The MPC meeting had been put up on the apex bank’s website in accordance with the draft of its agenda.
The MPC meeting would be led and presided for the first time by Governor Yemi Cardoso. This would be one of six meeting scheduled for the year 2024, when the second MPC meeting would be held 25th and 26th of March 2024, in accordance with the calendar.
The remaining four meetings of the year were scheduled for May, July, September, and November respectly, providing a framework for the MPC’s deliberations throughout the year.
The last MPC meeting was held in July, under the leadership of the suspended CBN governor, Godwin Emefiele, while in the meeting, the benchmark rate was raised to a historic high of 18.75 percent in response to soaring inflation, which stood at 23 percent at the time.
Since the last meeting in July, inflation has ascended to 28.9%, marking the highest level in nearly three decades which contributed to the factors that escalated the fuel price, followed by the subsidy removal of gasoline, also making every items in the country to be more expensive and depreciating naira value and importation.
Details on the upcoming MPC meeting are expected to be released when the time ripes.
