“We Regret Any Inconvenience”: CBN Suspends MPC Meeting As Yemi Cardoso Waits To Become New Governor

“We Regret Any Inconvenience”: CBN Suspends MPC Meeting As Yemi Cardoso Waits To Become New Governor

  • The Central Bank of Nigeria (CBN) has announced its monetary policy meeting will not be held as plan
  • This is coming a few days after President Bola Tinubu announced the nomination of Femi Cardoso as the new CBN governor
  • The development means that the various monetary decisions will remain unchanged for a longer time

The Central Bank of Nigeria (CBN) has suspended its monetary policy meeting indefinitely as Femi Cardoso waits in the wing to be confirmed by the senate as the new governor.

The postponement was disclosed in a statement published on the CBN Website and signed by Isa AbdulMumin, Director of corporate Communications.

CBN MPC meeting
A new CBN governor is expected to be confirmed Photo credit: KC Nwakalor
Source: Getty Images

This will be the second time the CBN has postponed its MPC meeting.

The last time the meeting was postponed was in January 2020, when it was moved from January 20-21 to January 23-24.

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The statement announcing the latest postponement reads:

"The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) 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."

CBN MPC postponement

While the apex bank failed to disclose the reason for the postponement Legit.ng understands it may be connected to the fact that a new leadership is coming.

In an earlier report, Legit.ng announced that President Bola Ahmed Tinubu has nominated Dr. Olayemi Michael Cardoso as the new Governor of the Central Bank of Nigeria (CBN), who will replace the embattled Godwin Emefiele suspended months ago.

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Similarly, President Tinubu also approved the nomination of four other deputies who make up the top management team of the apex bank.

They are Mrs. Emem Nnana Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. Philip Ikeazor, and Dr Bala M. Bello.

The nominees are expected to face the Senate for questioning and confirmation.

Monetary Policy Committee

The Monetary Policy Committee is the highest policy-making committee of CBN with the mandate to review economic and financial conditions in the economy, Determine appropriate policy stance in the short to medium term, regularly check the CBN monetary policy framework, and adopt changes when necessary.

It also communicates monetary/financial policy decisions effectively to the public and ensures the credibility of the model of the monetary policy transmission mechanism.

The MPC meets bi-monthly, except otherwise, in the event of an emergency

CBN announces dollar to naira price verification portal

Meanwhile, in another report, it was revealed that the Central Bank of Nigeria introduced a new portal that would put an end to malpractices in the foreign exchange market.

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The portal was set to go live by the end of August 2023.

The analyst who spoke to Legit.ng explained that the portal could be a game-changer if done correctly.

Source: Legit.ng

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