CBN reschedules monetary policy committee meeting

Central bank of Nigeria (CBN)
Central bank of Nigeria building

The May edition of the Monetary Policy Committee (MPC) meeting earlier scheduled for Monday and Tuesday, May 25 and 26, 2020, respectively has been rescheduled.

The spokesperson of the Central Bank of Nigeria (CBN), Isaac Okorafor, said on Thursday the decision to reschedule the meeting followed the public holiday to celebrate the Muslim Eid-el Fitr holidays which coincided with the previous schedule.

The statement by the CBN reads: “This is to inform our stakeholders and the general public that the May 2020 meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) earlier scheduled for Monday and Tuesday, May 25 and 26, 2020, respectively will now hold on Thursday, May 28, 2020.

“This is as a result of the declaration of Monday and Tuesday, May 25 and 26, 2020, as Eid-el Fitr holidays.

“For the avoidance of doubt, the CBN has put in place all necessary machinery for the meeting to now hold for only one day on account of the on-going COVID-19 national lockdown and to align this meeting with extant rules of the Presidential Task Force (PTF) on COVID-19 and advisories from other relevant agencies.

“All inconveniences caused by these changes are regretted,” Mr Okorafor said.

The MPC is a committee of experts of the CBN responsible for formulating monetary and credit policies towards realising the mandate of the apex bank of financial system stability.

In line with sub-section 2 (d) and (e) of the CBN Act the MPC, which is Chaired by the governor of the CBN, has four Deputy Governors of the apex bank as members.

Other members include two members of the board of directors of the bank and three others appointed by the president and two appointed by the CBN governor.

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