CBN postpones 5th MPC meeting indefinitely

The Central of Nigeria (CBN) has postponed indefinitely, its 5th Monetary Policy Committee (MPC) meeting of 2023 originally scheduled to hold between September 25th and 26th.

Isa AbdulMumin, Director, Corporate Communications of the CBN, confirmed the postponement in a statement on Thursday.

The statement did not state the reason for the postponement or the date for the next scheduled meeting.

The statement reads: “The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has deferred its 293rd meeting scheduled for Monday and Tuesday, September 25 and 26, 2023, respectively. A new date will be communicated in due course

“We regret any inconvenience this change may cause our stakeholders and the general public.”

The development may not be unconnected with the recent announcement of Yemi Cardoso as the new CBN Governor, pending confirmation by the Senate.

The MPC, headed by the CBN Governor, is statutorily charged with responsibility for the conduct of monetary policy in Nigeria.

The committee formulates and monitors implementation of monetary policy to achieve the monetary policy objectives. It’s last meeting was on July, 2023.