• Thursday, May 30, 2024
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To buy time for Cardoso, Nigeria defers MPC meeting

CBN defers September 2023 MPC meeting

The Central Bank of Nigeria (CBN) has deferred its rate-setting meeting scheduled for September 25 and 26 in an apparent move to buy time for the confirmation of ex-Citibank executive, Yemi Cardoso, as CBN governor.

“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 said in a statement signed by Isa AbdulMumin, Director, Corporate Communications.

Read also: Can Yemi Cardoso save the CBN?

The Senate is scheduled to resume from seven-week recess on September 26 which means they will be unable to screen Cardoso before the MPC meeting had it gone on to hold next week.

A policy-making vacuum emerged at the CBN after the previous governor and four deputy governors resigned.

Read also: Explainer: What will banks do with revaluation gains after CBN’s directive?