• Monday, February 26, 2024
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BusinessDay

CBN to hold first monetary policy meeting under new gov in February

Olayemi Cardoso blames foreign education, healthcare for naira’s slide

The Central Bank of Nigeria will hold its Monetary Policy Meeting in 2024 on Monday and Tuesday , February 26 and 27, according to a one-paged confidential document seen by BusinessDay. It will be the first under Yemi Cardoso, the CBN governor succeeding embattled Godwin Emefiele.

The calendar of meetings, which guides the financial landscape, has been updated to reflect the first and subsequent meeting dates. However, the committee’s composition, essential for decision-making, is yet to be constituted, a BusinessDay report earlier stated.

The CBN Act 2007, outlining the functions and responsibilities of the MPC, emphasizes its crucial role in aligning monetary policy with the broader economic goals of the country. The committee is tasked with implementing measures that contribute to the stability of prices, thereby supporting the overall economic policy objectives of the Federal Government.

In adherence to the provisions outlined in the Central Bank of Nigeria (CBN) Act, the Monetary Policy Committee (MPC) is directed to convene at least four times annually. The Act specifies that the governor, or in the governor’s absence, the deputy governor responsible for monetary policy, possesses the authority to summon a meeting, provided a notice of not less than seven days is given.