The Central Bank of Nigeria (CBN) has announced that its 297th Monetary Policy Committee (MPC) meeting will take place on September 23 and 24, 2024, at the bank’s headquarters in Abuja. This two-day event will be crucial in shaping the nation’s economic and financial landscape.
According to a statement released by the CBN, the meeting will commence at 10:00 a.m. on September 23 and continue at 8:00 a.m. on September 24. The primary agenda will be to review the current economic conditions and determine the appropriate monetary policy direction for the short to medium term.
The MPC, which is the apex bank’s highest decision-making body, is tasked with formulating policies to ensure price stability, support economic growth, and manage inflation. Recent meetings have seen the MPC maintaining a tight monetary stance, with an emphasis on increasing the monetary policy rate to address ongoing inflationary pressures.
The upcoming meeting is anticipated to further these efforts while evaluating the effects of existing policies and considering any necessary adjustments to stabilize the economy. This follows a notable rise in inflation, which reached 29.9% in January 2024, up from 28.9% in December 2023, amid weak economic growth and a depreciating naira.
The depreciation of the naira against major currencies, exacerbated by a persistent shortage of foreign currency liquidity, has led to increased prices. Despite this, the equities market has shown promising performance in 2024, suggesting a complex economic environment.
Market analysts expect the MPC to adopt a cautious approach, aiming to balance economic growth with price stability. The decisions made during this meeting will be closely watched by investors and financial institutions, as they have the potential to significantly impact market dynamics.