CBN postpones September MPC meeting

The Central Bank of Nigeria (CBN) has postponed the 293rd meeting of its Monetary Policy Committee (MPC), earlier scheduled for Monday and Tuesday, September 25 and 26, 2023.

Business Hallmark reports that this is the second postponement in the history of the meeting.

In January 2020, the first MPC meeting of the year was postponed from January 20-21 to January 23-24. The CBN did not provide a reason for the postponement, but it was speculated that it was due to the upcoming general elections in Nigeria.

Also this time, no reasons were given for the postponement, but a statement by Isa AbdulMumin, Director, Corporate Communications, said a new date would be communicated in due course, while regretting any inconvenience the change may cause to stakeholders and the general public.

The meeting is supposed to be the 293rd series of the committee which discusses and decides on the apex bank’s monetary policy direction was scheduled for Monday and Tuesday, September 25 and 26, 2023.

Many say the postponement may be connected to the fact that the CBN leadership comprising an acting Governor and three other Deputy governors who were last week replaced by the President Bola Tinubu may be a major reason since the new designates have not yet been cleared by the Senate which is currently on recess.

The Senators went on their annual recess in August and are scheduled to resume next Tuesday (September 26).

The Monetary Policy Committee is the highest policy-making committee of CBN with the mandate to review economic and financial conditions in the economy, determine appropriate policy stance in the short to medium term, regularly check the CBN monetary policy framework, and adopt changes when necessary.

It also communicates monetary/financial policy decisions effectively to the public and ensures the credibility of the model of the monetary policy transmission mechanism.