Mark Your Calendar: CBN Sets Date For MPC Meeting On February 26

Governor Yemi Cardoso, who is leading the MPC for the first time, will preside over this meeting, which is one of six scheduled for the year. The second MPC meeting is set for March 25th and 26th, 2024, according to the calendar.

Subsequent meetings are planned for May, July, September, and November, providing a framework for the MPC’s deliberations throughout the year.

The most recent MPC gathering occurred in July, under the leadership of the then-suspended governor, Godwin Emefiele.

During that meeting, the benchmark rate was raised to a historic high of 18.75 percent in response to soaring inflation, which stood at 23 percent at the time.

Since July, inflation has continued its upward trajectory, reaching 28.9%, marking the highest level in nearly three decades.

Contributing factors include escalating fuel costs following the removal of a gasoline subsidy, elevated food prices, and a depreciating naira that has increased the expenses associated with imports.