CBN Postpones September MPC Meeting Indefinitely

Posted by African Examiner Business News, Latest Headlines Friday, September 22nd, 2023

(AFRICAN EXAMINER) – The Central Bank of Nigeria (CBN), on Thursday, announced the indefinite postponement of the September version of its bi-monthly Monetary Policy Committee (MPC) meeting.

CBN Director of Corporate Communications, Isa AbdulMumin, announced the postponement in a statement in Abuja.

The News Agency of Nigeria (NAN) reports that the meeting was earlier scheduled to hold on Sept. 25 and Sept. 26.

“The MPC of the CBN has deferred its 293rd meeting scheduled for Monday and Tuesday.

“A new date will be communicated in due course,” AbdulMumin said.

He did not offer any reasons for the postponement.

Meanwhile, a Financial Expert, Mr Okechukwu Unegbu, said that the postponement might not be unconnected with the ongoing probe of the apex bank under the leadership of its suspended governor, Godwin Emefiele.

Unegbu, a past President of the Chattered Institute of Bankers of Nigeria (CIBN), said that the appointment of a new management team for the apex bank, while Emefiele and his team were yet to be officially removed might also be responsible for the indefinite postponement.

He, however, said that it had no serious negative implications on the country’s economy.

“The status quo just has to be retained until the new CBN governor takes over and begins to implement his own policies, ” he said.

NAN recalls that at the last MPC meeting in July, the apex bank had increased the benchmark interest rate (MPR) by 25 basis points to 18.75 per cent from 18.5 per cent, representing the highest interest rate in 22 years.

President Bola Tinubu recently approved the nomination of Mr Olayemi Cardoso as the new governor of the CBN.

Tinubu also approved the nomination of four new Deputy Governors for the apex bank.

The newly nominated deputy governors are Emem Usoro, Abdullahi Dattijo, Philip Ikeazor, and Bala Bello.(NAN)