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Tayo Busayo, Abuja

 

DAILY COURIER – The Central Bank of Nigeria (CBN) has announced that its bi-monthly Monetary Policy Committee (MPC) scheduled for Monday and Tuesday, September 25 and 26, has been deferred.

Although no reason was given for the shift in the date for the 5th MPC meeting in 2023, there are indications that the deferment was not unconnected with the recent changes in the leadership of the apex bank.

In a release on Thursday signed by Dr Isah AbdulMumin, Director, Corporate Communications Department, titled “CBN Defers September 2023 MPC Meeting”, the apex bank stated:

“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.”

President Tinubu on September 15, nominated Dr Olayemi Cardoso as the new Central Bank governor for a term of five years at the first instance.

Four deputy governors were also nominated, namely Mrs Emem Nnanna Usoro, Mr Muhammad Sani Abdullahi Dattijo, Mr Philip Ikeazor and Dr Bala M. Bello.

Their nominations are subject to confirmation by the Nigerian Senate.

When approved, Dr Cardoso will assume duties as the substantive 11th indigenous CBN Governor and will take over from Mr Folashodun Shonubi who has been supervising the apex bank on acting capacity since June 9, 2023 when Mr Godwin Emefiele was suspended from office by President Tinubu, about 12 months to the end of his second term as the CBN Governor.

Analysts predict that the MPC would hike rates when it holds its next meeting considering developments in the domestic and international economies.

In a note to its clients, Cordros Research stated on Wednesday that “The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) is expected to hold its penultimate meeting of the year on the 25th and 26th of September.”

“Like the previous meetings, we expect the Committee to consider developments in the global and domestic economy since the last policy meeting.

“Conclusively, our baseline expectation is for the MPC to (1) raise the MPR further by 25bps, (2) remove the NGN2.00 billion limit on the Standing Deposit Facility (SDF), and (3) retain other policy parameters.”.