CBN postpones MPC meeting indefinitely as Cardoso sets to take charge

The Central of Nigeria (CBN) has postponed its fifth Monetary Policy Committee (MPC) meeting of 2023 earlier scheduled for September 25th and 26th.

Isa AbdulMumin, Director, Corporate Communications of the CBN, confirmed the postponement in a statement. The statement did not state the reason for the postponement or when the next meeting would be held.

The statement reads: “The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has deferred its 293rd meeting scheduled for Monday and Tuesday, September 25 and 26, 2023, respectively. A new date will be communicated in due course

“We regret any inconvenience this change may cause our stakeholders and the general public.”

The postponement of the MPC meeting may not be unconnected to the recent announcement of Yemi Cardoso as the new CBN Governor, pending confirmation by the Senate.

The MPC is statutorily charged with responsibility for the conduct of monetary policy in Nigeria.

The committee formulates and monitors implementation of monetary policy to achieve the monetary policy objectives. It’s last meeting was on July, 2023.