Ahead of the Monetary Policy Committee (MPC) meeting, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, has disclosed the bank is revamping its communication strategy.
The bank had on 19 January announced its first MPC meeting, six months after its last one. The meeting is scheduled to be held between 26 and 27 February.
Speaking Monday in an exclusive interview with Arise Television, Mr Cardoso said he recognised the pivotal role of communication in conveying complex monetary policy decisions.
“Communication we know is key with respect to monetary policy and we understand that the decision that comes from monetary policy can be a little bit complicated at times but the idea is to ensure that moving forward our communication strategy is able to give the right messages depending on the different segments that we are trying to address.
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“We are revamping the whole communication strategy for the CBN, and I am hoping that as we move forward particularly as the monetary policy committee engagement takes place, you are going to see the way and manner in which we try and get out the messaging,” he said.
He also said the CBN is engaging various financial and economic actors to ensure that they understand the mode of operations.
“We are going to strengthen the process of getting out and receiving feedback because the worst thing you want to do is to make communication a one-way traffic,” he added.
To achieve open and constructive communication in navigating the intricacies of monetary policy, Mr Cardoso said the bank intends to get feedback on all policies implemented.
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