CBN postpones September MPC meeting indefinitely

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

The CBN Director of Corporate Communications, Isa AbdulMumin, announced the postponement in a statement on Thursday, September 21, 2023.

The meeting was earlier scheduled to hold on September 25 and September 26.

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

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

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He did not offer any reasons for the postponement.

Meanwhile, a financial expert, Okechukwu Unegbu, said the postponement may 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 the appointment of a new management team for the CBN while Emefiele and his team were yet to be officially removed might also be responsible for the indefinite postponement.

He, however, said it has 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.

At the last MPC meeting in July, the apex bank 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 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 were Emem Usoro, Abdullahi Dattijo, Philip Ikeazor, and Bala Bello.

The Star