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By Uche Usim
Investors can now heave a sigh of relief as the Central Bank of Nigeria (CBN) prepares to hold its first Monetary Policy Committee (MPC) meeting under the incumbent Governor, Dr Yemi Cardoso on February 26.
According to a statement from the apex bank’s Spokesperson, Mrs Sidi Ali Hakama, a two-day strategic session for members of the MPC has been held as prelude to their first meeting scheduled for Monday, February 26 and Tuesday, February 27, 2024.
She added that the session was to brainstorm and engage in an in-depth discussion about the committee’s objectives.
She revealed that the critical focus areas during the retreat included deliberations on the strategic plan to effect necessary improvements in the monetary policy transmission mechanism.
According to her, the sessions were facilitated by former MPC members, monetary policy communication specialists at the IMF, and Directors of Departments critical to the MPC process.
“The valuable insights gained from these discussions will significantly contribute towards the robustness of the forthcoming MPC meetings,” she noted.
“Meanwhile, a calendar of meetings of the Monetary Policy Committee (MPC) for 2024 published on the CBN website indicates that the meetings have been scheduled for February, March, May, July, September and November 2024” she noted.
By CBN’s rules, the MPC meets bi-monthly, except otherwise, in the event of an emergency.
But since Dr Yemi Cardoso assumed duties in September last year, the MPC is yet to sit to discuss several challenges choking the economy.
They range from spiraling inflation (especially food inflation), tumbling naira, cash scarcity, growing unemployment, weak export and other issues.
With two consecutive meetings cancelled for feeble reasons, local and offshore investors are reluctant to undertake substantive investments because the economic policy direction of the country is unclear.
Investors look forward to the CBN’s MPC meetings to get regular updates on the government’s economic plans.
