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Cardoso Set to Chair Inaugural MPC Meeting at CBN in February

The declaration comes after a two-day strategic gathering of the Monetary Policy Committee (MPC) members, gearing up for the upcoming February meeting

Photo illustration of CBN Governor, Yemi Cardoso, and CBN logo

The Central Bank of Nigeria (CBN) has announced that its Monetary Policy Committee (MPC) is set to convene its inaugural meeting under the leadership of Mr. Olayemi Cardoso, the newly appointed Governor. The meeting is scheduled to take place on Monday, February 26, and Tuesday, February 27, 2024. This revelation comes after a comprehensive two-day strategic session attended by MPC members to prepare for the upcoming February meeting.

Confirming the information in Abuja on Friday, Mrs. Hakama Sidi Ali, the Acting Director of the Corporate Communications Department at the CBN, revealed that the strategic session aimed to facilitate brainstorming and in-depth discussions about the committee’s objectives. The key areas of focus during the retreat included deliberations on a strategic plan to enhance improvements in the monetary policy transmission mechanism. Notably, the sessions were led by former MPC members, monetary policy communication specialists from the IMF, and Directors of Departments crucial to the MPC process.

Mrs. Ali emphasized that the valuable insights gained from these discussions are expected to significantly contribute to the robustness of the forthcoming MPC meetings.

Furthermore, a published calendar of MPC meetings for 2024 on the CBN website indicates that sessions are scheduled for February, March, May, July, September, and November 2024.

It is worth noting that President Bola Tinubu appointed Mr. Cardoso as the CBN Governor in October of the previous year, replacing the embattled Godwin Emefiele. Since Cardoso’s appointment and subsequent confirmation by the Senate, the CBN’s Monetary Policy Committee has not convened any meetings until the upcoming session in February.

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