By Foster Obi
274th meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) is scheduled to hold Monday, July 20, 2020 in Abuja according to notice posted on the apex Bank’s website.
The meeting which holds quarterly provides opportunity for the committee within the Bank to formulating monetary and credit policy.
The MPC is the highest policy making committee of the Bank with the following mandate: Review economic and financial conditions in the economy, Determine appropriate stance of policy in the short to medium term, Review regularly, the CBN monetary policy framework and adopt changes when necessary.
Also it communicates monetary/financial policy decisions effectively to the public and ensures the credibility of the model of transmission mechanism of monetary policy.
The MPC meets quarterly, except otherwise, in the event of an emergency.
The MPC met on 28th May, 2020 in an environment of severe macroeconomic shock caused by the fatal spread of the Novel COVID-19 Pandemic, which first started as a health crisis in December 2019 in China and quickly morphed into a global economic crisis in the ensuing months.
Under this period of economic crisis, the Committee assessed the developments in the global and domestic economic environments in the first five (5) months of 2020, and the outlook for the rest of the year. Ten (10) members of the Committee attended the meeting.
Pix: CBN Governor, Godwin Emefiele
