Market News
CBN to hold 297th MPC meeting September 23 - PUNCH
The Central Bank of Nigeria has announced that its 297th Monetary Policy Committee meeting will be held on September 23 and 24, 2024.
The two-day event is scheduled for the bank’s headquarters in Abuja.
According to a statement from the apex bank on Wednesday, the meeting will focus on reviewing the country’s economic and financial conditions and determining the appropriate monetary policy direction for the short to medium term.
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 is the highest decision-making body of the Central Bank, responsible for formulating policies to maintain price stability, support economic growth, and manage inflation.
In previous meetings, the MPC had maintained a tight monetary stance, focusing on raising the monetary policy rate to combat inflation, which has remained a pressing issue in the country.
The September meeting is expected to build on these efforts while assessing the impact of current policies and potential adjustments necessary to stabilise the economy. PUNCH reported that, domestically, Nigeria witnessed a surge in inflation to 29.9 per cent in January 2024, up from 28.9 per cent in December 2023.
Despite weak economic growth, the depreciation of the naira against major currencies, driven by a persistent shortage of foreign currency liquidity, has led to price pass-through effects.
Notably, the equities market has shown promising performance in 2024.
Market analysts anticipate a cautious approach from the MPC, balancing economic growth with price stability. Investors and financial institutions closely monitor the committee’s decisions, which can significantly influence market dynamics.
