The Central Bank of Nigeria (CBN) has announced a new date for the 299th meeting of its Monetary Policy Committee (MPC), shifting it from February 17-18 to February 18-19, 2025. The decision comes after delays by the National Bureau of Statistics (NBS) in releasing the rebased Consumer Price Index (CPI).
In a statement, the CBN said, “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 postponement has sparked concerns about the timing of key economic indicators ahead of the MPC meeting. The NBS typically releases its CPI report on the 15th of every month, which means the inflation report could be published just three days before the newly scheduled MPC meeting.
Economic analysts and financial market stakeholders are now turning their attention to the CBN’s next move on the Monetary Policy Rate (MPR). Given the current economic trends, the key question remains whether the committee will maintain the rate or opt for a hike to curb inflationary pressures.
The MPC meeting remains a critical event for Nigeria’s economic outlook, influencing decisions on interest rates, inflation control, and broader macroeconomic stability,” said an economic analyst
Recall, that the CBN postponed its first MPC meeting for 2025, following delays in the release of the rebased CPI report by the NBS.
The first MPC meeting for 2025 was initially set for January 27–28 but was moved to February, reportedly to allow time for the rebased inflation and GDP figures to be released.
The NBS had announced plans to rebase the GDP and CPI to reflect current realities and capture structural changes in the economy. The rebasing of Nigeria’s CPI is expected to provide a more accurate reflection of inflation trends by incorporating changes in consumer spending patterns.
“The rebased CPI will provide a more accurate reflection of inflation trends, and we expect it to capture the changes in consumer spending patterns,” said an NBS official.
The CBN’s decision to postpone the MPC meeting has been seen as a move to ensure that policymakers have access to the latest economic data before making key decisions.
“We want to ensure that we have the latest data before making any decisions, and the postponement will give us time to review the late
st inflation figures.