JUST-IN: CBN Postpones MPC Meeting Indefinitely

The Central Bank of Nigeria (CBN) has announced the postponement of the bi-monthly meeting of its Monetary Policy Committee (MPC) indefinitely.

CBN director of corporate communications, Isa AbdulMumin, made the disclosure in a statement he issued on Thursday.

The meeting for this month was initially fixed for September 25 and 26.

“The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) has deferred its 293rd meeting scheduled for Monday and Tuesday, September 25 and 26, 2023, respectively,” AbdulMumin said in the statement, adding that “A new date will be communicated in due course.”

He, however, did not give any reason for the sudden postponement of the all-important meeting where monetary policy decisions, including the official interest rate benchmark also known as the Monetary Policy Rate, cash reserve ratio, asymmetric corridor and other parameters are taken by the 11-man committee.

However, a source in the apex bank told LEADERSHIP that the decision was as a result of the pending confirmation of the new CBN governor and deputy governors, who were recently appointed by President Bola Tinubu.

The President appointed Olayemi Cardoso to serve as the new CBN governor alongside four other deputies to replace the existing ones.

The source who asked not to be named said the outgoing acting governor and his deputies can no longer take a key decision at this time based on the fact that a new management has been appointed for the apex bank.

Meanwhile, the new appointees were yet to be confirmed by the Senate, which is currently on recess. The Senators are expected to resume from their annual vacationnon September 26, 2023.