CBN Postpones September 2023 MPC Meeting

The Central Bank of Nigeria (CBN) has postponed the 293rd Monetary Policy Committee (MPC) meeting scheduled for Monday and Tuesday, September 25 and 26, 2023.

This 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.

“A new date will be communicated in due course. We regret any inconvenience this change may cause our stakeholders and the general public.”

The development comes two months after the apex bank met and raised the Monetary Policy Rate (MPR), which measures interest rate, from 18.5 per cent to 18.75%.

The then CBN acting Governor, Folashodun Shonubi, had told journalists that “hiking the interest rate has made a lot of difference in moderating the rate of inflation.”

The CBN MPC voted to hike MPR by 25 basis points to 18.75% from 18.5%. The committee narrowed asymmetric corridor to +100/-300 from +100/-700 and retained the Cash Reserve Ratio (CRR) at 32.5%

But 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 chief. If confirmed by the Senate, Cardoso will replace the Acting CBN Governor Folashodun Shonubi.