CBN Delays MPC Meeting, New Date TBA
The Central Bank of Nigeria (CBN) has postponed its September 2023 Monetary Policy Committee (MPC) meeting. The new date for the meeting has not yet been announced.
The postponement was disclosed in a Thursday press statement by the bank’s Director of Corporate Communications, Dr Isa AbdulMumin. But no reason was given for the decision.
“The Monetary Policy Committee of the Central Bank of Nigeria has deferred its 293rd meeting scheduled for Monday and Tuesday, September 25 and 26, 2023, respectively,” the statement said.
“A new date will be communicated in due course. We regret any inconvenience this change may cause our stakeholders and the general public.”
MPC Meeting Postponement May Be Unconnected with Non-Confirmation of New CBN Governor
The postponement of the September MPC meeting may not be unconnected with the non-confirmation of the newly appointed governor and deputy governors of the bank.
President Bola Tinubu had last Friday nominated Olayemi Cardoso as the new CBN governor. If confirmed by the Senate, Cardoso will replace the Acting CBN Governor Folashodun Shonubi.
However, the Senate is yet to confirm Cardoso’s nomination, and it is unclear when it will do so.
Experts Weigh In on CBN’s MPC Meeting Postponement
Experts have weighed in on the CBN’s decision to postpone its September MPC meeting.
Some experts believe that the postponement may be due to the fact that the new CBN governor has not yet been confirmed by the Senate.
“It is possible that the CBN is waiting for the new governor to be in place before holding the next MPC meeting,” said one economist.
Other experts believe that the postponement may be due to other factors, such as the need for the CBN to gather more data before making a decision on interest rates.
“It is also possible that the CBN wants to wait and see how the economy performs in the next few weeks before making a decision on interest rates,” said another economist.
It is unclear what impact the postponement of the September MPC meeting will have on the Nigerian economy. However, it is likely that the CBN will announce a new date for the meeting soon.
