CBN Schedules 294th Monetary Policy Committee Meeting for March 25, 2024

The Central Bank of Nigeria (CBN) has announced the scheduling of its 294th Monetary Policy Committee (MPC) meeting, which is set to take place on March 25, 2024, at the bank’s headquarters in Abuja.

The second day of the meeting will be held on March 26, 2024. As the apex bank’s highest policy-making committee, the MPC is responsible for evaluating the country’s economic and financial conditions and determining the appropriate policy stance for the short to medium term.

During the upcoming meeting, the CBN is expected to analyze recent economic indicators, inflation rates, and the stability of the exchange rate.

The event is also anticipated to address escalating inflationary pressures, sluggish economic growth, volatile exchange rates of the naira, and a rising cost of living.

CBN Governor Olayemi Cardoso acknowledged the significance of presiding over the inaugural MPC meeting in the face of these economic challenges.

He emphasized the need to deliver viable solutions to steer the economy towards sustainable growth and position Nigeria as an attractive investment destination.

On a global scale, economic growth remains subdued while inflation, persistently exceeding the targets of most central banks, exhibits a gradual decline.

Geopolitical conflicts continue to disrupt global supply chains, contributing to escalating debts reaching unprecedented levels.

The outcome of the 294th MPC meeting is expected to provide insights into the CBN’s plans to address the current economic challenges and foster sustainable growth in Nigeria’s economy.