Monetary Policy Meeting fails to hold as CBN postpones September edition

The Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) has postponed its 293rd meeting, which was scheduled for Monday and Tuesday, September 25 and 26, 2023, respectively.

According to the regulator, a new date will be announced as soon as possible. It regrets and apologizes for any trouble this adjustment may cause our stakeholders and the general public.

The Monetary Policy Committee is the Bank’s highest policy-making body, having the following mandate: Examine the economy’s economic and financial conditions. Determine a suitable policy posture for the short to medium term. Review the CBN’s monetary policy framework on a regular basis and make revisions as needed.

The Monetary Policy Committee (MPC) consists of:

• The Governor of the Bank who is the Chairman;
• The four Deputy Governors of the Bank;
• Two members of the Board of Directors of the Bank;
• Three members appointed by the President
• Two members appointed by the CBN Governor

The MPC is saddled with the function and responsibility of formulating monetary and credit policy in the country. Other duties of the MPC include:

• Examine the impact of periodic global and domestic economic developments on price stability and economic growth.
• Keep a close eye on emerging threats and revise projections of global and domestic price development and output growth.
• Prepare technical suggestions for the MPC based on their impact analysis of these developments.
• The Monetary Policy Committee (MPC) meets bi-monthly, except otherwise, in the event of emergency.