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Published On: Mon, Jan 22nd, 2018

Bongo: No cause for alarm over failed MPC meeting

Dr Adi Bongo, economist and faculty member, Lagos Business School, insists there is no cause for alarm following the inability of the Central Bank of Nigeria (CBN to hold the Monetary Policy Committee (MPC) meeting for January on Monday.

A statement signed by CBN Governor, Mr Godwin Emefiele Emefiele in Abuja on Monday, said that the meeting, which was earlier scheduled for the day and Tuesday, had been cancelled due to the non-confirmation of the MPC nominees by the Senate.

He further explained that the MPC meeting for January would not be hold due to the Bank’s inability to form a quorum as stipulated in the CBN Act 2007.

Reacting on the latest development in a chat Business Hallmark’s Felix Oloyede on Monday, the economist said: “No cause for alarm.  Parameters have remained almost unchanged from previous quarter and even if they were to meet, there seems to be no unanticipated macroeconomic shock that could force any modification of the key rates.  So, no meeting would be neutral on monetary policies.”

Interestingly, In spite of the statutory meeting not holding in January, the CBN governor said that key economic indicators in the country continued to move in the right direction.

Consequently, he said the CBN would continue to maintain the key monetary variables as decided in the last MPC meeting of November 2017.

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