The Central Bank of Nigeria (CBN) has announced a change in the dates for the upcoming 299th Monetary Policy Committee (MPC) meeting. Originally scheduled for February 17 and 18, the meeting will now take place on February 18 and 19, 2025.
In an official statement released on Monday, February 10, the apex bank confirmed the new schedule:
- Day 1: Wednesday, February 18, 2025 – 10:00 AM
- Day 2: Thursday, February 19, 2025 – 8:00 AM
- Venue: MPC Meeting Room, 11th Floor, Wing C, CBN Headquarters, Abuja
The rescheduling comes amid delays by the National Bureau of Statistics (NBS) in releasing its much-anticipated report on the rebasing of the Nigerian economy. The rebasing exercise is expected to introduce updated calculations for the Consumer Price Index (CPI) used to measure monthly inflation, as well as adjustments to the quarterly Gross Domestic Product (GDP) data.
The NBS had initially promised to unveil the report by the end of January 2025 but failed to meet the deadline. This delay has raised concerns, as the monthly inflation report—typically released on the 15th of each month—provides crucial data for the MPC to make informed policy decisions.
The rebasing is intended to capture shifts in Nigeria’s economic structure and reflect current consumption patterns, accounting for the evolving dynamics in various sectors over recent years. The inflation report for January 2025 is now expected just three days before the newly scheduled MPC meeting.
Given that inflation trends are a key factor in monetary policy decisions, the updated timeline will ensure that the MPC has access to the latest economic data before deliberating on critical policies affecting the nation’s economy.
