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Sunday, February 25, 2024

Central Bank to Hold First MPC Meeting Under Cardoso in February

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Nigeria’s central bank will hold its first monetary policy committee meeting under new Governor Olayemi Cardoso on February. 26-27.

The meeting will be one of six scheduled for this year, according to a statement published on the Central Bank of Nigeria’s website on Friday.

The MPC last met in July, when it raised the benchmark rate to a record high of 18.75% to rein in surging inflation — then at 23%, more than double the top end of the central bank’s 6% to 9% target range.

Since July, inflation has accelerated further to 28.9% — the highest in almost three decades, spurred by surging fuel costs after the government removed a gasoline subsidy, higher food prices, and a plunging naira that has raised the cost of imports.

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