The Central Bank of Nigeria (CBN) has once again postponed its bi-monthly Monetary Policy Committee (MPC) meeting, causing uncertainty among stakeholders. Initially scheduled for November 20 and 21, this meeting would have been the first presided over by the new CBN governor, Mr. Yemi Cardoso. The postponement, the second in a row, has left stakeholders curious about Cardoso’s strategies to address exchange rates and escalating inflation. The previous MPC meeting, the 292nd in the series, occurred on July 24 and 25, where the Monetary Policy Rate (MPR) was raised from 18.5% to 18.75%. Uche Uwaleke, a Professor of Capital Market, suggests that the postponement could be advantageous, preventing a potential MPR hike that might increase business costs and limit credit access. Okechukwu Unegbu, a past president of the Chartered Institute of Bankers of Nigeria, emphasizes that Cardoso, being a technocrat, needs time to acclimate to his new role. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprises, calls for the urgent reconvening of the MPC meeting to provide economic information and guide the public on government policy.
The Central Bank of Nigeria (CBN) has once again deferred its 293rd Monetary Policy Committee (MPC) meeting, causing heightened expectations. Originally slated for November 20 and 21, this meeting would have been the inaugural session chaired by the newly appointed CBN governor, Mr. Yemi Cardoso. The repeated postponement has left stakeholders anticipating Cardoso’s approach to managing exchange rates and tackling escalating inflation. The last MPC meeting, the 292nd in the series, took place on July 24 and 25, resulting in a hike of the Monetary Policy Rate (MPR) from 18.5% to 18.75%. The delay has sparked speculation about potential changes in monetary policy and its implications for the economy.
