CBN postpones 2025 MPC meeting amid delays in inflation data release

The Central Bank of Nigeria (CBN) has officially postponed its first Monetary Policy Committee (MPC) meeting for 2025 to March due to delays in the release of the rebased Consumer Price Index (CPI) report by the National Bureau of Statistics (NBS).

The move underscores concerns over data availability and its impact on monetary policy decisions.

Initially scheduled for January 27–28 and later moved to February 17–18, the meeting has now been pushed further, as policymakers await updated inflation figures.

According to sources within the apex bank, the decision to delay the meeting is driven by the need for accurate and current economic indicators before making key policy decisions.

Dr. Peter Onah, an economist at the University of Lagos, explains that the rebasing of Nigeria’s CPI is essential for capturing structural changes in consumer behavior.

“Nigeria’s economy has evolved significantly since the last CPI rebasing in 2009, with major shifts in consumption patterns, especially in telecommunications and services. The delay in this data creates uncertainty for monetary policy adjustments,” he said.

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The rebasing exercise, announced by the NBS in October 2024, aims to provide a more precise measure of inflation trends by reflecting current economic realities. However, the delay in publishing the rebased GDP and CPI figures has complicated monetary policy planning.

Financial analyst Ifeoma Ogbonna highlights the potential ramifications: “Inflation data is a key determinant in interest rate decisions. Without reliable figures, the CBN risks making policy choices in the dark, which could either tighten liquidity unnecessarily or fail to curb inflation effectively.”

The NBS typically releases its CPI report on the 15th of every month, meaning the rebased figures—if published on time—would have been available just two days before the previously scheduled MPC meeting.

Experts argue that such a narrow window is insufficient for thorough analysis before making monetary policy decisions.

This is not the first time the CBN has postponed its MPC meeting under Governor Olayemi Cardoso’s leadership. Following his appointment in September 2023, the bank postponed an MPC meeting as investors and analysts awaited his strategy to address surging inflation.

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“The CBN’s cautious approach under Cardoso suggests a commitment to data-driven decision-making,” noted policy analyst Bolaji Akinwunmi.

“While some may view the delay as disruptive, it also signals that the central bank does not want to make critical decisions based on outdated or incomplete information.”

The first MPC meeting of 2024 was eventually held on February 26–27, marking Cardoso’s debut in leading monetary policy deliberations. As the 2025 meeting now shifts to March, financial markets and investors will closely watch how the CBN navigates inflationary pressures and economic stability in the months ahead.