CBN’s Monetary Policy Committee Meeting Delayed Again – For only the second time ever, the Central Bank of Nigeria (CBN) has postponed its much-anticipated Monetary Policy Committee (MPC) meeting.
The announcement came on Thursday when the CBN confirmed that the 293rd series of the committee, originally scheduled for September 25 and 26, 2023, would be delayed. Isa AbdulMumin, the Director of Corporate Communications, mentioned in a statement that a fresh date would be relayed soon. He also extended apologies for any inconvenience this might cause to stakeholders and the public at large.
This isn’t the first time the CBN has altered the MPC meeting’s schedule. Back in January 2020, the CBN rescheduled the year’s inaugural MPC meeting from January 20-21 to January 23-24. While the bank remained tight-lipped about the reasons behind the change, many speculated it was tied to the forthcoming general elections in Nigeria.
The recent postponement has sparked rumors, with many linking the delay to the recent shake-up in the CBN leadership. Just last week, President Tinubu announced replacements for the acting Governor and three Deputy Governors. These new appointments have yet to be ratified by the Senate, currently on its annual recess until September 26. Sources suggest that there might be further delays, as the Senators are contemplating pushing their return to October 6, 2023.
The MPC, the apex body of the CBN, convenes bi-monthly to review the nation’s economic and financial landscape, set the course for the bank’s monetary policy, and ensure the policy’s credibility and communication. Given the committee’s pivotal role, all eyes will be on the CBN for the next steps and further announcements.