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MPC Meeting Postponed Indefinitely

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CBN House

CEM REPORT, FINANCE | The Monetary Policy Committee (MPC) meeting, originally scheduled for Monday and Tuesday, September 25 and 26, 2023 has been put on hold.

A press release issued by Isa AbdulMumin, Director of Corporate Communications at the CBN which communicated the deference of the policy meeting stated that a later date will be communicated.

The statement reads; “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.

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“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 however did not state any reason for the deference 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.

It is possible that the meeting was put on hold resulting in the appointment of a new CBN governor and deputy governors, who were recently appointed by President Bola Tinubu but yet to be confirmed by the senate which is currently on recess. The Senators are expected to resume on September 26, 2023.

Recall that President Bola Tinubu recently appointed and forwarded for confirmation Olayemi Cardoso as the new CBN governor alongside four other deputies to replace the existing ones.

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