The CBN has postponed the Monetary Policy Committee meeting for the second time in the history of the meeting.

In January 2020, the first MPC meeting of the year was postponed from January 20-21 to January 23-24. The CBN did not provide a reason for the postponement, but it was speculated that it was due to the upcoming general elections in Nigeria.

On Thursday, the Central Bank of Nigeria (CBN) announced that its September 2023, Monetary Policy Committee (MPC) will not hold.

No reasons were given for the postponement, but a statement Isa AbdulMumin, Director, Corporate Communications, said a new date would be communicated in due course, while regretting any inconvenience the change may cause to stakeholders and the general public.

The meeting is supposed to be the 293rd series of the committee which discusses and decides on the apex bank’s monetary policy direction was scheduled for Monday and Tuesday, September 25 and 26, 2023.

Many say the postponement may be connected to the fact that the CBN leadership comprising an acting Governor and three other Deputy governors who were last last week replaced by the President Tinubu May be a major reason since the new designates have not yet been cleared by the Senate which is currently on recess.

The Senators went on their annual recess in August and are scheduled to resume next Tuesday (September 26). BusinessDay had learnt the lawmakers are not in a hurry to reconvene before the resumption date to screen Yemi Cardoso, the CBN Governor designate and the other nominated Deputy Governors and ministers.

In fact it was also learnt that the Senators may be considering postponing their resumption till October 6th, 2023.

The Monetary Policy Committee is the highest policy-making committee of CBN with the mandate to review economic and financial conditions in the economy, Determine appropriate policy stance in the short to medium term, regularly check the CBN monetary policy framework, and adopt changes when necessary.

It also communicates monetary/financial policy decisions effectively to the public and ensures the credibility of the model of the monetary policy transmission mechanism.
The MPC meets bi-monthly, except otherwise, in the event of an emergency

"Exciting news! TheNigeriaLawyer is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest legal insights!" Click here! ....................................................................................................................... Unauthorized use and/or duplication of this material and other digital content on this website, in whole or in part, without express and written permission from TheNigeriaLawyer, is strictly prohibited _________________________________________________________________

 To Register visit https://schoolofadr.com/how-to-enroll/ You can also reach us via email: info@schoolofadr.com or call +234 8053834850 or +234 8034343955. _________________________________________________________________

NIALS' Compendia Series: Your One-Stop Solution For Navigating Nigerian Laws (2004-2023)

Email: info@nials.edu.ng, tugomak@yahoo.co.uk, Contact: For Inquiry and information, kindly contact, NIALS Director of Marketing: +2348074128732, +2348100363602.