MPC Meeting Rescheduled to Tomorrow, Friday

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Obinna Chima

The Central Bank of Nigeria (CBN) has rescheduled its Monetary Policy Committee (MPC) meeting for September earlier planned for next Monday and Tuesday.

The meeting now holds tomorrow and Friday.

The Director, Corporate Communications, CBN, Mr. Isaac Okorafor, disclosed this in a statement obtained yesterday.

He, however, did not give reason for the change in date.

“This is to inform all our stakeholders and the general public that the Monetary Policy Committee (MPC) meeting No. 269, earlier scheduled for Monday, September 23 and Tuesday, September 24, 2019, will now hold on Thursday, September 19 and Friday, September 20, 2019. All inconveniences caused by this change are highly regretted,” the CBN spokesman stated.

The MPC had at the end of the last meeting held in July, kept all its monetary policy tools unchanged.

CBN Governor, Mr. Godwin Emefiele, had told journalists at the end of a two-day meeting in Abuja that the committee was not in a hurry to bring down the Monetary Policy Rate (MPR) otherwise known as interest rate.

But he had said the CBN would rather take other measures, including the prescription of minimum loan advance by banks to the private sector, to boost growth.

Emefiele had said: “Like we said, we will like to see inflation trend into single digit territory. That the CBN itself has set an inflation target of between six to nine per cent and because we are still above that threshold, we will only do so cautiously either through signalling; we are not going to be in a hurry to moderate or to bring down the MPR.

“However, without necessarily altering or adjusting the MPR, we can take other measures like the measure that we adopted by prescribing minimum loan deposit ratio to the banks.”