CBN postpones Monetary Policy Committee meeting

The first meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) for 2020, earlier scheduled for Monday and Tuesday respectively, has been postponed

The spokesperson of the CBN, Isaac Okorafor, who announced the shift of the MPC schedule in a statement on Monday, said the new schedule for the meeting is Thursday and Friday, January 23 and 24, 2020.

Although Mr Okorafor expressed regrets for any inconvenience the shift in the schedule may cause members of the committee in particular and the public in general, he did not give reasons for the decision.

The meeting, which usually holds every quarter, except during emergencies, enables members to proffer advice to the apex bank on how to attain the monetary policy objectives of price and financial system stability in support of the economic policy of the federal government.

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The committee includes the CBN Governor as chairman and his deputies in charge of operations, economic policy, financial system stability and corporate services as members.

Other members include two members of the Board of Directors of the CBN; three members appointed by the president and two members appointed by the Governor of the CBN

During their meetings, the MPC undertakes the review of economic and financial conditions in the economy; determines the appropriate stance of policy in the short to medium term, particularly in determining the monetary policy or lending rate; reviews the CBN monetary policy framework and adopts the necessary changes.