CBN announces date for MPC meeting

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) will hold its first policy meeting for the year on February 26th and 27th.

This is according to a tentative MPC meeting calendar posted on the website of the apex bank.

The meeting which will be the first under the leadership of Governor Yemi Cardoso is scheduled to be one of the six meetings scheduled for this year.

According to the document, the bank will hold its second MPC meeting on the 25th and 26th of March, 2024.

It also stated that other meetings will be held in May, July, September, and November.

The MPC last met in July, under suspended former governor, Godwin Emefiele, when it raised the benchmark rate to a record high of 18.75 percent to rein in surging inflation — then at 23 percent.

Since July, inflation has accelerated further to 28.9% — the highest in almost three decades, spurred by surging fuel costs after the government removed a gasoline subsidy, higher food prices, and a plunging naira that has raised the cost of imports.