The Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN) has been postponed for the second time since Governor Olayemi Cardoso returned to work in September 2023.
The September 2023 meeting of the MPC was postponed for the second time in the meeting’s history, with the new CBN governor serving as the meeting’s chair.
The first MPC meeting of the year was moved from January 20–21 to January 23–24 in January 2020. Although the CBN did not explain, the impending general elections in Nigeria were the cause of the postponement.
The MPC was, nevertheless, scheduled to take place today, November 20–21, 2023.
The “MPC is not holding” said a text message on Monday obtained by Bloomberg. He didn’t give a date for when the next meeting will be held.
Analysts at Cordros Research had predicted a possible increase in MPC’s members’ interest rate by at least 100 basis points. They noted that interest rate or MPR remains the key signalling tool for market interest rates and inflationary pressures have remained intact.
“Consequently, we expect the MPC to increase the MPR by at least 100 basis points at its November policy meeting,” they expressed in a new report.