LAGOS, Nigeria (VOICE OF NAIJA)-The Central Bank of Nigeria has announced that its 297th Monetary Policy Committee (MPC) meeting will take place on September 23 and 24, 2024, at its headquarters in Abuja.
The two-day session will focus on evaluating the nation’s economic and financial conditions and setting the appropriate monetary policy direction for the short to medium term, according to a statement from the bank on Wednesday.
The statement partly reads, “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, the Central Bank’s main decision-making body, is responsible for setting policies to ensure price stability, support economic growth, and control inflation.
In past meetings, the MPC has adopted a tight monetary policy, including raising the policy rate to address persistent inflation issues.
The September meeting is expected to continue these efforts, evaluate the effects of current policies, and consider any necessary adjustments to stabilize the economy.
READ ALSO: CBN, SEC, NDIC Collaborates To Enhance Bank Recapitalization
It was reported that inflation in Nigeria rose to 29.9% in January 2024, up from 28.9% in December 2023.
Despite sluggish economic growth, the naira’s depreciation against major currencies—caused by an ongoing shortage of foreign currency liquidity—has resulted in price increases.
On a positive note, the equities market has performed well in 2024.
Market analysts expect the MPC to adopt a cautious approach, balancing economic growth with price stability.
Investors and financial institutions are closely watching the committee’s decisions, as these can significantly impact market dynamics.