Monday, January 22, 2018
The Central Bank of Nigeria wishes to
inform the general public and relevant stakeholders that the first Monetary
Policy committee (MPC) meeting for 2018, which was scheduled for 22 -23 January
2018, will not hold due to the Bank's inability to form a quorum as stipulated
in the Central Bank of Nigeria Act 2007.
Despite this development, we are
pleased that key economic indicators continue to move in the right direction.
With modest recovery in oil prices and boost in domestic production, we exited
the recession in 2017, while inflation has continued its decline and is now at
15.37 percent for December 2017. Our Foreign Exchange Reserves have grown from
about US$23 billion in October 2016 to US$40.78 billion at the close of
business on 18 January 2018.
Reflecting strong investor confidence
in Nigeria, we have recorded inflows of almost US$13 billion since our
introduction of the Investors' and Exporters' (I&E) window about nine
months ago. These inflows have boosted FX supply and helped stabilize the exchange
rate. We have also seen Market Capitalization of our Stock Exchange improve by
22.3 percent from N13.21 trillion on 30 November 2017 to N16.15 trillion as of
19 January 2018 while the All-Share Index CASI) rose by 18.8 percent from
37,944.60 to 45,092.83 over the same period.
The Management of the CBN is
determined to sustain these gains and will continue our vigilance and
proactivity to ensure macroeconomic stability through 2018.
Under these circumstances, and in the
absence of a meeting of the MPC, the CBN shall continue to maintain key
monetary policy variables as
Please note that a revised schedule of
Meetings for the MPG will be communicated as soon as the Bank is able to meet
the statutory requirements of membership and quorum.
- January 2018 MPC Meeting: Caught Between Two
- Senate Refuses to Budge on The Approval of Monetary
Policy Committee Nominees
- Personal Statement by the MPC Members at the 115 MPC
Meeting of Sep 25-26, 2017
- MPC: A Tale of Constrained Discretion
- CBN Communiqué No. 116 of the MPC Meeting – Nov
- As Expected, MPC Leaves Policy Rates Unchanged
- Little to Warrant Any Change from the MPC
- Short-Term Outlook Favours Monetary Policy Easing
- Pre-MPC Commentary - Hold Anticipated, In Line With
- Ahead of MPC Meeting: MPR to Stay Flat Ahead of
Stronger Recovery in 2018
- Nigeria – Central Bank Will Pursue Gradual Easing