The Central Bank of Nigeria (CBN) is gearing up for its first policy meeting of the year.
The meeting scheduled for February 26th and 27th, was outlined in the draft agenda on the apex bank’s website.
Governor Yemi Cardoso, leading the Monetary Policy Committee (MPC) for the first time, will preside over this meeting—one of six planned for 2024.
The subsequent gatherings are slated for March, May, July, September, and November, providing a comprehensive framework for the MPC’s discussions throughout the year.
The last MPC meeting, held in July under the then-suspended governor, Godwin Emefiele, witnessed a historic benchmark rate hike to 18.75 percent in response to surging inflation, peaking at 23 percent.
Since then, inflation has continued its upward climb, reaching a staggering 28.9%, the highest level in nearly three decades.
Factors contributing to this include soaring fuel costs post-gasoline subsidy removal, elevated food prices, and a depreciating naira amplifying import expenses.
As the nation grapples with economic challenges, stakeholders eagerly await additional details on the upcoming MPC meeting, expecting insights into potential policy responses and measures to address the persistently high inflation.
