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The Central Bank of Nigeria (CBN) has officially announced the indefinite postponement of its scheduled September bi-monthly Monetary Policy Committee (MPC) meeting. The meeting, initially slated for September 25 and 26, will be rescheduled at a later date, according to CBN Director of Corporate Communications, Isa AbdulMumin.
AbdulMumin’s statement did not provide specific reasons for the postponement, leaving room for speculation about potential factors influencing this decision.
Financial expert, Mr. Okechukwu Unegbu, suggested that the postponement could be related to the ongoing investigation of the CBN during the tenure of its suspended governor, Godwin Emefiele. The delay might also be linked to the appointment of a new management team for the CBN, despite Emefiele and his team not yet being officially removed from their positions.
Unegbu emphasized that while this postponement may raise questions, it is unlikely to have significant adverse effects on the country’s economy. He noted that maintaining the status quo until the new CBN governor assumes office and implements their policies is a prudent approach.
In the previous MPC meeting held in July, the CBN raised the benchmark interest rate (MPR) by 25 basis points, bringing it to 18.75%, marking the highest interest rate in 22 years.
President Bola Tinubu recently approved the nomination of Mr. Olayemi Cardoso as the new governor of the CBN. Additionally, Tinubu sanctioned the appointment of four new Deputy Governors for the central bank: Emem Usoro, Abdullahi Dattijo, Philip Ikeazor, and Bala Bello.
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