The Central Bank of Nigeria (CBN) has made a surprising announcement by indefinitely postponing its regular bi-monthly meeting of the Monetary Policy Committee (MPC).
Isa AbdulMumin, the CBN’s Director of Corporate Communications, conveyed this unexpected decision in a statement issued on Thursday. Originally scheduled for September 25 and 26, 2023, the meeting has now been postponed, with a future date to be communicated later.
Notably, no specific explanation was provided for this abrupt delay of the crucial meeting where essential monetary policy decisions, including the Monetary Policy Rate (official interest rate benchmark), cash reserve ratio, asymmetric corridor, and other key parameters, are typically discussed and determined by the 11-member committee.
However, insights from an undisclosed source within the central bank suggest that this postponement is connected to the pending confirmation of the newly appointed CBN governor and deputy governors, who were nominated by President Bola Tinubu.
President Tinubu appointed Olayemi Cardoso as the new CBN governor, along with four deputy governors to replace the current incumbents. The source explained that the outgoing acting governor and deputy governors might be unable to make significant decisions at this juncture due to the appointment of new leadership within the central bank.
Crucially, the confirmation of these new appointees is contingent upon Senate approval, and Senators are expected to resume their legislative activities after their annual recess on September 26, 2023.
