The Central Bank of Nigeria (CBN) has announced that the 297th meeting of its Monetary Policy Committee (MPC) will take place on September 23 and 24, 2024. The two-day event is set to be held at the CBN headquarters in Abuja.
In a statement released on Wednesday, the bank revealed that the upcoming meeting would focus on reviewing the country’s economic and financial landscape. The primary goal will be to determine the appropriate monetary policy direction for the short to medium term.
The statement further detailed the schedule, stating, “This is to inform you that the 297th meeting of the Monetary Policy Committee is scheduled to be held as indicated: Day 1: Monday, September 23, 2024, Time: 10:00 am. Day 2: Tuesday, September 24, 2024, Time: 8:00 am.”
The MPC, which is the apex decision-making body within the Central Bank, is responsible for formulating policies aimed at maintaining price stability, fostering economic growth, and controlling inflation.
In prior sessions, the committee has maintained a stringent monetary stance, opting to raise the monetary policy rate to tackle inflation. Inflation has continued to be a significant concern, with the rate soaring to 29.9% in January 2024, up from 28.9% in December 2023, as reported by PUNCH. Despite sluggish economic growth, the ongoing depreciation of the naira, largely driven by a shortage of foreign currency liquidity, has caused price pass-through effects, exacerbating inflationary pressures.
However, the equities market has shown encouraging performance throughout 2024, providing a potential silver lining amidst the challenging economic conditions.
Analysts expect the MPC to take a cautious approach during the September meeting, aiming to strike a balance between promoting economic growth and maintaining price stability. The decisions made by the committee are closely watched by investors and financial institutions, as they have the potential to significantly influence market trends and dynamics.
Source: punchng.com
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