CBN to hold  first MPC meeting under Cardoso for February

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.

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CBN to hold  first MPC meeting under Cardoso for February
Dr. Olayemi Cardoso CBN Governor

The Central Bank of Nigeria (CBN) has scheduled the first Monetary Policy Committee (MPC) meeting, under the tenure of Mr Olayemi Cardoso as governor, for Feb. 26 and Feb. 27.

According to a statement by CBN’s Acting Director, Corporate Communications Department, Mrs Hakama Sidi-Ali, the apex bank , consequently, held a two-day strategic session for members of the MPC preparatory to the meeting.

Sidi-Ali said that the session aimed to brainstorm and engage in an in-depth discussion about the committee’s objectives.

She said that the critical focus areas during the retreat included deliberations on the strategic plan to effect necessary improvements in the monetary policy transmission mechanism.

She said that the sessions were facilitated by former MPC members, monetary policy communication specialists from 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 said.

BRANDPOWER recalls that the last meeting of the MPC was held in July 2023, and was presided over by erstwhile acting governor,  Folashodun Shonubi.

At the July 2023 meeting, the MPC raised the benchmark interest rate, known as the Monetary Policy Rate (MPR), by 25 basis points to 18.75 per cent from 18.50 per cent.

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.

About Yemi Cardoso

Mr. Olayemi Cardoso is the Governor of the Central Bank of Nigeria (CBN). He commenced his tenure on October 5, 2023.

Before he joined the CBN, he spent over 29 years in commercial banking, culminating in his tenure as Chairman of Citibank Nigeria Ltd, a subsidiary of the world’s leading global bank and the oldest international bank in Nigeria, from 2010 to 2022. Between 1990 and 1997, he was an Executive Director at the Citizens International Bank Limited and Principal Partner at FBC Associates Limited from 1997 to 1999.

Cardoso served as Commissioner for Economic Planning and Budget, Lagos State Government, from 1999 to 2005. In that capacity, he implemented the blueprint which catalysed economic development in the state and championed reform, pioneering state-of-the-art analytical and consultative mechanisms for improving governance.