CBN shifts MPC meeting for second consecutive time after Cardoso’s appointment, gives reason

The Central Bank of Nigeria (CBN) has again postponed its Monetary Policy Committee (MPC) meeting.

This is the second time the financial regulator has postponed the MPC meeting since Yemi Cardoso became the governor of the apex bank.

According to the CBN calendar, the 294th MPC meeting is slated for between November 20 and November 21, 2023.

However, Director of Corporate Communications of the bank, Isa Abdulmumin said the crucial meeting will not hold this week.

Abdulmumin linked the postponement to the forthcoming 60th anniversary of the Chartered Institute of Bankers (CIBN) scheduled for November 24, 2023.

“MPC is not holding this week. All roads lead to the 2023 CIBN annual dinner slated for Friday, 24th,” he said.

In September, the bank had shelved the 293rd committee meeting indefinitely.

Abdulimumin, in a statement, had said a new date would be communicated in due time. He did not provide reasons for the postponement. 

The CBN’s MPC is the highest policy-making committee of the bank set up to review economic and financial conditions in the economy, determine appropriate stance of policy in the short to medium term.

The committee is also tasked with reviewing the CBN monetary policy framework, and adopting changes when necessary.

Its meeting is critical to the price stability functions of the central bank as it determines interest rates to curb the persistent rise in inflation.

At its last meeting held in July, the committee raised its interest rates by 25bps to 18.75 percent.

The latest postponement comes amid a burgeoning inflation rate reported at 27.33 percent.