CBN postpones September’s MPC meeting indefinitely

Business A.M

The Central Bank of Nigeria (CBN) has announced the postponement of its 293rd Monetary Policy Committee (MPC) meeting to decide the future interest-rate direction originally scheduled for Monday and Tuesday September 25 and 26, 2023 respectively.

The development was communicated in a circular published on the CBN website

The apex bank’s decision to defer the highly- awaited meeting was communicated through a press release on its website issued by  Isa AbdulMumin, director of corporate communications.

The CBN, while regretting any inconvenience this change may cause its stakeholders and the general public, said a new date will be communicated in due course.

“The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has deferred its 293r 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 CBN stated.

Though, the CBN did not state any specific reason for the postponement, it is understandable that the MPC meeting would have been the first since President Tinubu’s nomination of Olayemi Michael Cardoso to serve as the new governor of the financial regulator for a five-year term 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.

The monetary policy committee held its last meeting in July 2023 and was headed by Folashodun Shonubi, the acting CBN governor.

During the meeting, the monetary policy rate was raised  for the eight consecutive period since May 2022, by 25 basis points from 18.5 per cent to 18.75 per cent.