The Central Bank of Nigeria (CBN) is set to hold its 294th Monetary Policy Committee (MPC) meeting — a crucial gathering that shapes the nation’s economic policies — next week.
The CBN disclosed this in a document signed by CBN governor, Yemi Cardoso and uploaded on the apex bank’s website on Tuesday, March 19.
The MPC is the highest policy-making committee of the bank with the mandate to review economic and financial conditions in the economy, determine appropriate stance of policy in the short to medium term and review regularly, the CBN monetary policy framework and adopt changes when necessary.
The two-day event is scheduled to hold on Monday, March 25, and Tuesday March 26, 2024, at the bank’s headquarters in Abuja.
The committee will review recent economic indicators, inflation rates, and exchange rate stability.
In a statement reads: “I wish to acknowledge the significance of presiding over the inaugural Monetary Policy Committee meeting as the Governor of the Central Bank of Nigeria amidst a backdrop of profound economic challenges: escalating inflationary pressures, sluggish economic growth, volatile exchange rates of the naira, and a rising cost of living.
“The anticipation among Nigerians for this meeting to deliver viable solutions that will steer the economy towards sustainable growth and position Nigeria as an attractive
investment destination is palpable.
“On a global scale, economic growth remains subdued while inflation, persistently exceeding the targets of most central banks, exhibits a gradual decline. Geopolitical conflicts continue to disrupt global supply chains, contributing to escalating debts reaching unprecedented levels.”
While the MPC meetings are closed-door sessions, the CBN encourages public awareness and transparency.
