CBN Reschedules Monetary Policy Committee Meeting to February 19-20
The Central Bank of Nigeria (CBN) has announced a new date for its 299th Monetary Policy Committee (MPC) meeting, shifting it from the earlier scheduled February 17-18 to February 19-20, 2025.
In a statement released on Monday, the apex bank confirmed the change, putting an end to speculations surrounding the meeting’s timing. The uncertainty had been fueled by delays in the release of Nigeria’s rebased Consumer Price Index (CPI) by the National Bureau of Statistics (NBS).
Implications for Monetary Policy Decisions
The MPC meeting is a crucial event where the CBN determines key monetary policy decisions, including adjustments to the Monetary Policy Rate (MPR). With Nigeria’s inflation and economic indicators in focus, analysts are closely watching whether the committee will maintain or increase the MPR in response to current economic conditions.
This is not the first time the CBN has postponed its MPC meeting under Governor Olayemi Cardoso’s leadership. The first meeting for 2025 was initially set for January 27-28 but was moved to February to allow time for the rebased inflation and GDP figures to be released.
Delayed Inflation Data and Market Reactions
The rebased CPI report, expected at the end of January, has yet to be published by the NBS, raising concerns about the availability of key economic indicators ahead of the meeting. Traditionally, the NBS releases its CPI report on the 15th of every month. If this timeline holds, the inflation report could be published just three days before the rescheduled MPC meeting.
Investors and financial analysts will be watching closely as the CBN navigates inflationary pressures and other economic challenges in its upcoming policy decisions.
The Central Bank of Nigeria (CBN) has announced a new date for its 299th Monetary Policy Committee (MPC) meeting, shifting it from the earlier scheduled February 17-18 to February 19-20, 2025.
In a statement released on Monday, the apex bank confirmed the change, putting an end to speculations surrounding the meeting’s timing. The uncertainty had been fueled by delays in the release of Nigeria’s rebased Consumer Price Index (CPI) by the National Bureau of Statistics (NBS).
Implications for Monetary Policy Decisions
The MPC meeting is a crucial event where the CBN determines key monetary policy decisions, including adjustments to the Monetary Policy Rate (MPR). With Nigeria’s inflation and economic indicators in focus, analysts are closely watching whether the committee will maintain or increase the MPR in response to current economic conditions.
This is not the first time the CBN has postponed its MPC meeting under Governor Olayemi Cardoso’s leadership. The first meeting for 2025 was initially set for January 27-28 but was moved to February to allow time for the rebased inflation and GDP figures to be released.
Delayed Inflation Data and Market Reactions
The rebased CPI report, expected at the end of January, has yet to be published by the NBS, raising concerns about the availability of key economic indicators ahead of the meeting. Traditionally, the NBS releases its CPI report on the 15th of every month. If this timeline holds, the inflation report could be published just three days before the rescheduled MPC meeting.
Investors and financial analysts will be watching closely as the CBN navigates inflationary pressures and other economic challenges in its upcoming policy decisions.