CBN postpones MPC meeting for the second time ever

The CBN has postponed the Monetary Policy Committee meeting for the second time in the history of the meeting.
In January 2020, the first MPC meeting of the year was postponed from January 20-21 to January 23-24. The CBN did not provide a reason for the postponement, but the delay resulted from the upcoming general elections in Nigeria.
On Thursday, the Central Bank of Nigeria (CBN) announced that its September 2023 Monetary Policy Committee (MPC) will not hold.
The CBN did not give any reason for the postponement. Still, in a statement, Isa AbdulMumin, Director of Corporate Communications, said a new date would be communicated in due course while regretting any inconvenience the change may cause to stakeholders and the general public.
The meeting is supposed to be the 293rd series of the committee, which discusses and decides on the apex bank’s monetary policy direction. It was scheduled for Monday and Tuesday, September 25 and 26, 2023.

Read also CBN defers September 2023 MPC meeting

Many say the postponement may be connected to the fact that the CBN leadership comprising an acting Governor and three other Deputy governors who were last week replaced by President Tinubu This May be a significant reason since the new designates have not yet been cleared by the Senate which is currently on recess.

The Senators went on their annual recess in August and are scheduled to resume next Tuesday (September 26). BusinessDay had learnt the lawmakers are quick to reconvene before the resumption date to screen Yemi Cardoso, the CBN Governor designate, and the other nominated Deputy Governors and ministers.

It was also learnt that the Senators may consider postponing their resumption until October 6, 2023.

The Monetary Policy Committee is the highest policy-making committee of CBN with the mandate to review economic and financial conditions in the economy, Determine appropriate policy stance in the short to medium term, regularly check the CBN monetary policy framework, and adopt changes when necessary.

It also communicates monetary/financial policy decisions effectively to the public and ensures the credibility of the monetary policy transmission mechanism model.
The MPC meets bi-monthly, except otherwise, in the event of an emergency.