CBN Postpones MPC Meeting, New Date to be announced Soon - The Top Society

CBN Postpones MPC Meeting, New Date to be announced Soon


The Central Bank of Nigeria (CBN) has abruptly postponed the Monetary Policy Committee (MPC) meeting scheduled to hold from September 25 to 26, 2023.

This happens to be the 293rd edition of this annual conference.

In a press release by the apex bank’s Director of Corporate Communications, Dr Isa AbdulMumin, on Thursday, a new date would be communicated to the public soon, although it was not stated why the event was postponed

The statement reads:

“The Monetary Policy Committee of the Central Bank of Nigeria 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.”

NB: ‘The Monetary Policy Committee ( MPC) is the highest policy making committee of CBN, with the following mandate:

– Review economic and financial conditions in the economy.

– Determine appropriate stance of policy in the short to medium term.

– Review regularly, the CBN monetary policy framework and adopt changes when necessary.

The committee is usually made of three internal staff members of the Bank ( the Governor and two deputies) and three external financial experts.

It is however believed that the postponement of the MPC meeting has to do with the unavailability of a CBN Governor and Deputies, coupled with all the drama that is accompanied with their nomination in the last few days.

Recall that the President, Bola Tinubu had earlier this week nominated Yemi Cardoso as the new Governor of the bank and four other nominees to serve as deputy Governors for a period-term of five years but the nominees are yet to be approved by the National Assembly members who are currently on annual leave.

The Deputy Governor nominees are Emem Usoro, Muhammad Abdullahi-Dattijo, Philip Ikeazor, and Bala Bello.

Don’t miss out on: The President’s Authority in Appointing and Removing a CBN Governor: A Legal Perspective

While the annual leave is ongoing, the Senate Committee Chairman on Media and Publicity, Yemi Adaramodu, said the house would begin screening of the nominees as soon as it gets an “Executive Communication to that effect upon resumption from its annual recess.”

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