Concerns as CBN Postpones MPC Meeting Despite Exchange Rate, Inflation Challenges
The Central Bank of Nigeria (CBN) has decided to postpone a meeting of its monetary policy committee.
This is the second time ever since Governor Olayemi Cardoso was nominated to the post in September.
The current decision means that there will be no changes in the different monetary decisions taken under the previous leadership of CBN.
The Central Bank of Nigeria (CBN) has postponed the Monetary Policy Committee (MPC) meeting held on Monday (today November 20, 2023) and Tuesday, November 22, 2023.
This development shows that Nigerians and economic spectators will have to wait longer to witness the policy direction of the new governor of CBN, Olayemi Cardoso.
CBN monetary policy meeting
CBN first postponed the Monetary Policy Committee (MPC) meeting when the governor, Yemi Cardoso was nominated to the post in September, indicating that this will be his first order of business when he takes charge.
After almost two months at the wheel of affairs, his plans seem to have no direction.
Isa Abdulmumin confirmed that there will be no meeting.
Replying to the journalist’s appeal, Abdulmumin did not say a date for when the next meeting will take place.
He said in a text message:
“MPC is not holding.”
The calendar for the MPC Meeting 2023 was checked and found no scheduled dates for November and December. This means that the CBN might not hold another meeting until 2024.
What is the Monetary Policy Committee (MPC)
This is the apex policy-making committee of CBN with the mandate to check economic and financial situations in the economy.
The committee also determines appropriate policy stance in the short to medium term, habitually checks the CBN monetary policy framework, and adopts changes when needed.
It also states monetary/financial policy decisions effectively to the general public and ensures the credibility of the monetary policy transmission mechanism model.
CBN announces dollar to naira price verification portal
Also, it was disclosed that the Central Bank of Nigeria introduced a new portal that would put an end to malpractices in the foreign exchange market.
The portal was created to go live by the end of August 2023. The analyst who spoke said that the portal could be a game changer if done properly.