CBN Postpones MPC Meeting For The Second Time

The Central Bank of Nigeria (CBN) has postponed the meeting of its Monetary Policy Committee (MPC) for the second time.

The CBN’s Director of Corporate Communications, Dr Isa Abdulmumin, made this known in a chat with Bloomberg on Monday.

He said, “MPC is not holding a meeting this week.”
The meeting, scheduled for Monday and Tuesday, has been postponed for a second time since Olayemi Cardoso became the CBN Governor in September.

This latest postponement will keep investors and analysts waiting longer for Cardoso’s approach to surging inflation, which hit 27.33 per cent in October 2023.
CBN Speaks On Monetary Reforms Yielding Positive Results
Meanwhile, the apex bank said its monetary policy reforms are beginning to yield results and positively affect the economy.
Reacting to the inflation report, the CBN spokesman emphasised that the current inflation rate underscored the gradual influence of the CBN’s money market reforms on the economy.

AbdulMumin pointed out that the marginal rise in the average price level for October indicated the effectiveness of the CBN’s monetary policy stance and money market reforms in achieving the desired results.
Highlighting the commitment of the apex bank’s leadership, AbdulMumin stated that efforts are underway to fulfil its core mandate of stabilizing the naira and reducing inflation.

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The CBN spokesman stated that the apex bank would return to evidence-based monetary policy status to restore stakeholders’ confidence in Nigeria’s financial system.

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