299th MPC meeting to hold Feb 18-19 –CBN

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 announcement puts paid to speculations around the date of the meetings amidst delays by the National Bureau of Statistics (NBS) to release the rebased Consumer Price Index (CPI).

With a date now fixed, the attention of economic watchers is focused on the CBN’s MPC to ascertain if there will be a hold or hike in the monetary policy rate (MPR), going by current trends.

CBN Monetary Policy Committee (MPC) member, Bala Bello, recently highlighted key indicators reinforcing investor confidence, including: a remarkable increase in external reserves to $40.88 billion as of November 21, 2024, up from $40.06 billion at the end of October; astable exchange rate environment, supporting Nigeria’s position as an attractive investment destination; sound financial system indicators, with major prudential ratios—capital adequacy, liquidity, and non-performing loans, remaining within regulatory limits.

He also noted strong credit expansion to key growth sectors such as agriculture, manufacturing, and commerce, playing a vital role in stimulating economic activity and supporting output performance.

Stress tests confirm that Nigeria’s banking sector remains robust, withstanding potential macroeconomic shocks. However, vigilance is required to sustain stability in the face of lingering global and domestic risks.