The Central Bank of Nigeria (CBN) has, for the second consecutive time, postponed the Monetary Policy Committee (MPC) meeting slated for today (Monday) and Tuesday.
According to the MPC schedule published on the bank’s website, the last time the bank had such a meeting was on 25 July, almost four months ago.
By implication, the newly appointed CBN governor, Olayemi Cardoso, is yet to hold the critical monetary rates-setting meeting since he assumed office in September.
“MPC is not holding,” Isa Abdulmumin, the spokesperson for the bank, told Bloomberg in a text message on Monday.
The official did not also give any specific date that the bank intends to hold the next MPC sitting.
Calls and WhatsApp messages seeking further clarifications from Mr Abdulmumin were unanswered as of press time Monday afternoon.
At the last MPC meeting in July, the central bank pegged the benchmark lending rate at 18.75 per cent.
Analysts say investors have been looking forward to the MPC meeting for signals on how the lender intends to address the nation’s inflationary trend.
According to the National Bureau of Statistics (NBS) inflation figures published last week, Nigeria’s inflation increased to an 18-year high of 27.33 per cent in October.
Meanwhile, analysts also forecast that the CBN would further hike its interest rate by 100 basis points this week.
This, they said, will send a strong message that the bank is not relenting in its efforts to address inflation.
The central bank has yet to officially speak on the issue as of press time Monday afternoon.
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