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CBN GEARS UP FOR FIRST MONETARY POLICY COMMITTEE MEETING UNDER CARDOSO         

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CBN GEARS UP FOR FIRST MONETARY POLICY COMMITTEE MEETING UNDER CARDOSO                                                                                                          20-01-24

By Sadiq Aminu                                                        The Central Bank of Nigeria (CBN) is preparing for the inaugural Monetary Policy Committee (MPC) meeting under the leadership of its new Governor, Olayemi Cardoso. The MPC meeting will be held in Abuja on Monday, February 26 and Tuesday, February 27, 2024.

To ensure a smooth transition and address key challenges, the CBN has hosted a two-day strategic session in Abuja for MPC members.

Acting Director Corporate Communications of the CBN, Mrs Hakama Sidi-Ali in a statement announcing the scheduled meeting said the retreat provided a platform for MPC members to engage in in-depth discussions about the committee’s objectives and current economic landscape. This facilitated brainstorming and strategizing for future policy decisions.

A critical focus area of the retreat was on improving the monetary policy transmission mechanism. This crucial tool aims to translate policy decisions into tangible effects on the real economy, such as influencing inflation and growth. By deliberating on potential amendments and optimizations, the MPC seeks to enhance the effectiveness of its policies.

To enrich the discussions, the retreat sessions Sidi Ali said were facilitated by a diverse group of experienced individuals. Former MPC members, monetary policy communication specialists from the IMF, and Directors of key CBN departments all contributed their expertise, offering valuable insights and perspectives.

Sidi Ali, emphasized the importance of the retreat, stating that the “valuable insights gained from these discussions will significantly contribute towards the robustness of the forthcoming MPC meetings.” This proactive approach underscores the CBN’s commitment to effective policy making and a successful transition under Governor Cardoso.

Additionally, the CBN website has published a calendar for 2024, outlining subsequent MPC meetings throughout the year. The meetings have been scheduled for February, March, May, July, September and November 2024.

This is to allow stakeholders anticipate policy developments and plan accordingly.

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