The Central Bank of Nigeria (CBN) has rescheduled the 299th meeting of its Monetary Policy Committee (MPC) planned for February 17–18 to February 18–19, 2025.
In a statement released on Monday, the apex bank confirmed the new dates, putting an end to speculation surrounding the meeting’s schedule.
The delay comes amid the National Bureau of Statistics’ (NBS) postponement of the release of the rebased Consumer Price Index (CPI), a key inflation metric that policymakers rely on for economic assessments.
“The Central Bank of Nigeria (CBN) has announced that the 299th meeting of its Monetary Policy Committee (MPC), earlier scheduled for February 17 and 18, 2025, will now be held on Wednesday, February 18 and Thursday, February 19, 2025,” the statement read.
The MPC meeting is one of the most critical economic events in Nigeria, influencing decisions on interest rates, inflation control and broader monetary policy strategies.
Financial analysts and investors are keenly watching whether the committee will maintain the current Monetary Policy Rate (MPR) or opt for a hike to curb rising prices.
...ponement follows an earlier shift in the MPC’s schedule. The first meeting of 2025 was initially planned for January 27–28 but was pushed to February, reportedly to allow time for the rebased inflation and Gross Domestic Product (GDP) figures to be released. However, as of early February, the NBS has yet to publish the updated CPI report, raising concerns about the timing of key economic indicators ahead of the meeting.
Nigeria’s inflation has remained a major concern for policymakers, with food and energy prices continuing to exert pressure on household spending. The rebasing of the CPI, last conducted in 2009, is expected to provide a more accurate reflection of inflation trends by incorporating shifts in consumer spending patterns, such as increased expenditures on telecommunications and services.
Typically, the NBS releases its CPI report on the 15th of every month. If the agency maintains this timeline, the updated inflation figures could be published just days before the newly scheduled MPC meeting, providing crucial data for policymakers.
As the rescheduled meeting approaches, attention will be on the CBN’s stance regarding inflation control and interest rate adjustments with investors and businesses looking for signals on the direction of monetary policy in the coming months.
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