The act stipulates that decisions that go beyond administrative activity of the bank but bore on policy choice should be determined by the Monetary Policy Committee (MPC). The monetary policy committee (MPC) is the highest policy making committee of the CBN mandated to: Review economic and financial conditions in the economy; determine appropriate stance of policy in the short to medium term; review regularly, the CBN monetary policy framework and adopt changes when necessary; communicate monetary/financial policy decisions effectively to the public and ensure the credibility of the model of transmission mechanism of monetary policy. According to him, the MPC meeting would have given investors and analysts the opportunity to know the monetary policy direction in the new year. Most of the changes in policy instruments have taken place outside the MPC meeting. Monetary policy stance in 2018 could change when the underlying fundamentals become supportive.

Source: Nigerian Tribune January 22, 2018 02:26 UTC