Naira and Inflation in Spotlight As CBN Releases Monetary Policy Meeting Calendar for 2024
- The CBN has unveiled its calendar for the monetary policy Committee meeting for 2024 after six months
- The two-day meeting will be held at the CBN's headquarters in Abuja and will be presided over by the CBN governor, Yemi Cardoso
- The MPC meeting is expected to review various issues facing the economy, including the naira exchange rate
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Legit.ng journalist Dave Ibemere has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.
The Central Bank of Nigeria (CBN) has released its Monetary Policy Committee (MPC) meeting calendar for 2024.
The first meeting will take place on Monday, February 26, and Tuesday, February 27, 2024.
Source: Facebook
This will be the first meeting since July 2023 and the first under Yemi Cardoso since assuming office as CBN governor.
CBN's MPC meeting expectation
The committee, consisting of the bank governor, four deputy governors, and two members of the board of directors, is expected to review the current state of the economy and make decisions on critical issues such as interest rates, exchange rates, and inflation.
Analysts and investors will closely watch the MPC meeting for any indications of what to expect in the economy in 2024.
CBN meeting calendar
According to the CBN, here is the tentative MPC meeting schedule for 2024.
- February Monday, 26th & Tuesday, 27th
- March Monday, 25th & Tuesday, 26th
- May Monday, 20th & Tuesday, 21st
- July Monday, 22nd & Tuesday, 23rd
- September Monday, 23rd & Tuesday, 24th
- November Monday, 25th & Tuesday, 26th
Monetary Policy Committee
The Monetary Policy Committee is the highest policy-making committee of CBN with the mandate to review economic and financial conditions in the economy, determine appropriate policy stance in the short to medium term, regularly check the CBN monetary policy framework, and adopt changes when necessary.
It also communicates monetary/financial policy decisions effectively to the public and ensures the credibility of the monetary policy transmission mechanism.
Expert speaks
Reacting to the development, Kelvin Emmanuel an economist and public affairs analysts said i is good news that there are concerns.
His words:
"My immediate concern is the CBN Act, which states that the MPC committee is made up of 12 members. Right now, as we speak, we have just five members, and the CBN Act clearly states that to form a quorum, there must be six members.
"The president must appoint a new member unless it will be illegal for the CBN to hold its MPC meeting in February 2024. We have to wait and see what will happen."
Tinubu's govt sets exchange rate target
Earlier, Legit.ng reported that the federal government expressed optimism about the naira exchange rate in 2024.
Ben Akabueze, the DG of the Budget office, also said the exchange rate target for 2024 could be achieved.
The naira in 2023 recorded its worst performance in the official and unofficial foreign exchange market.
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Source: Legit.ng
