BUSINESS

CBN Postpones MPC Meeting For Second Time

 

 

The Central Bank of Nigeria (CBN) has postponed its Monetary Policy Committee (MPC) meeting for the second time since Governor Olayemi Cardoso resumed duty in September 2023.

The MPC meeting expected chaired by the new CBN governor postponed the September 2023 meeting, making it 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 the delay resulted from the upcoming general elections in Nigeria.

However, the MPC was expected to hold today, November 20-21, 2023.

The “MPC is not holding” a meeting this week, Mr.  Isa Abdulmumin, the spokesman for the bank, said by text message on Monday obtained by Bloomberg.

He didn’t give a date for when the next meeting will be held.

Analysts at Cordros Research had predicated possible increase by MPC’s members interest rate by at least 100 basis points.

They noted that interest rate or MPR remains the key signalling tool for market interest rates and inflationary pressures have remained intact.

“Consequently, we expect the MPC to increase the MPR by at least 100basis points at its November policy meeting,” they expressed in a new report.

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