The Central Bank of Nigeria (CBN) has announced the postponement of its first Monetary Policy Committee (MPC) meeting for 2025, originally scheduled for February 17–18, to March. The decision comes as the National Bureau of Statistics (NBS) delays the release of the rebased Consumer Price Index (CPI) report, a critical dataset for inflation analysis.
Sources within the CBN revealed that the postponement was necessary to ensure policymakers have access to the most accurate and up-to-date economic data before making key monetary policy decisions. The rebased CPI, which was expected to be published by the end of January, has yet to be released, raising concerns about the timing of the MPC meeting.
The MPC meeting, initially planned for January 27–28, was earlier rescheduled to February to accommodate the release of the rebased inflation and Gross Domestic Product (GDP) figures. However, with the continued delay in the CPI report, the CBN has opted to push the meeting to March.
Rebasing of CPI and Economic Implications
The rebasing of the CPI is a significant step toward providing a more accurate reflection of Nigeria’s inflation trends. The process involves updating the base year for price measurements to 2024, capturing structural changes in the economy and evolving consumer spending patterns. The last rebasing exercise was conducted in 2009, and since then, significant shifts—such as increased spending on telecommunications and services—have not been fully accounted for in inflation calculations.
The NBS had initially announced plans to rebase both the GDP and CPI in October 2024, aiming to align economic indicators with current realities. However, the delay in releasing the rebased CPI has created uncertainty, particularly as the CBN relies heavily on inflation data to guide monetary policy decisions.
Impact on Policy Decisions
Monetary policy decisions, including interest rate adjustments, are heavily influenced by inflation trends. Without the updated CPI data, the CBN risks making policy decisions based on outdated information, which could undermine the effectiveness of its measures.
The NBS typically releases its CPI report on the 15th of each month. If the rebased CPI is published on this date, it would leave policymakers with only two days to analyze the data before the previously scheduled MPC meeting. This tight timeline has prompted the CBN to consider a postponement to ensure thorough analysis and informed decision-making.
Historical Context
This is not the first time the CBN has postponed an MPC meeting under the leadership of Governor Olayemi Cardoso. Shortly after his appointment in September 2023, the CBN delayed an MPC meeting as stakeholders awaited his approach to addressing rising inflation. The first MPC meeting of 2024 was eventually held on February 26–27, marking Cardoso’s debut in leading the committee.
As the CBN awaits official confirmation of the new MPC meeting date, stakeholders remain focused on the release of the rebased CPI and its potential impact on Nigeria’s monetary policy landscape. The delay underscores the importance of timely and accurate economic data in shaping the country’s financial stability and growth trajectory.
For now, all eyes are on the NBS to deliver the rebased CPI report, which will play a pivotal role in guiding the CBN’s next steps in tackling inflation and fostering economic resilience.
