CBN Suspends September 2023 MPC Meeting

The Central Bank of Nigeria’s (CBN) has postponed its 293rd Monetary Policy Committee (MPC) meeting, which had been planned for September 25 and 26 respectively.

The apex bank apologized for any inconvenience the change may have caused its stakeholders and the general public but did not provide a reason for the postponement. Instead, it stated that a new date would be announced in due course.

The announcement was made on Thursday by Dr. Isa AbdulMumin, Director of Corporate Communications at the Central Bank of Nigeria (CBN), who stated in a brief statement that “The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has deferred.

Its 293rd meeting is scheduled for Monday, September 25, 2023, and Tuesday, September 26, 2023, respectively.

The delay, for which the apex bank gave no explanation, was probably caused by the time it took to approve the bank’s newly appointed governor and deputy governors.

Yemi Cardoso had already been proposed by President Bola Tinubu to lead the CBN.

In addition, Tinubu gave his approval to the appointment of four new deputy governors of the top bank, each of whom will hold office for a comparable initial term of five years, subject to Senate confirmation.

Emem Usoro, Muhammad Abdullahi-Dattijo, Philip Ikeazor, and Bala Bello are the nominees.

The Senate, which is still in session for its annual recess, must still affirm the CBN governor’s appointment before it can take effect.

The Senate spokesperson and the chairman, the Senate Committee on Media and Publicity, Yemi Adaramodu, told the PUNCH recently that the Senate would screen the governor and other executive of the CBN as soon as it gets an Executive Communication to that effect upon its resumption from its annual recess.