‘New date will be communicated’ — CBN postpones MPC meeting

The Central Bank of Nigeria has postponed its forthcoming monetary policy committee (MPC) meeting.

The meeting was initially scheduled for September 25 and 26, 2023.

In a statement on Thursday, Isa AbdulMumin, the bank’s director of corporate communications, said a new date would be communicated in due time.

The apex bank, however, did not provide reasons for the postponement.

“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,” he said.

“A new date will be communicated in due course. We regret any inconvenience this change may cause our stakeholders and the general public.”

The development comes amid the country’s rising inflation, which is a critical consideration in the committee’s monetary policy rate decision.

Nigeria’s inflation rate surged to 25.80 percent in August 2023 — up from 24.08 percent in the previous month.

The postponement also comes a few days after President Bola Tinubu nominated Yemi Cardoso as the new governor of the Central Bank of Nigeria (CBN).

Tinubu also nominated four new deputy governors; namely Emem Nnana Usoro, Muhammad Sani Abdullahi Dattijo, Philip Ikeazor and Bala M. Bello.

The nominations are subject to the confirmation of the senate. The lawmakers are currently on recess and are expected to resume on September 26.

Meanwhile, 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.