The Central Bank of Nigeria has again deferred the meeting of its Monetary Policy Committee (MPC).
This marks the second postponement since the nomination of Governor Olayemi Cardoso to the post in September.
GOOD EVENING NIGERIA reports that the Monetary Policy Committee is the highest policy making committee of the Bank with mandate to review economic and financial conditions in the economy. It is where the benchmark policy interest rate to restrain inflation within the particular target level is decided.
The MPC meeting was previously scheduled to take place on Monday and Tuesday, but according to the central bank’s published calendar, has been canceled.
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Isa Abdulmumin, the spokesman for the bank, confirmed the postponement via text message on Monday, as reported by Business Day.
But he did not provide a specific date for the rescheduled meeting.
Investors have been looking to the MPC meeting for regarding strategies to curb inflation, currently surging at the fastest pace in almost two decades. They’re also anticipating an update on the overhaul of the nation’s foreign-exchange controls initiated by President Bola Tinubu in June.
A Bloomberg survey of 12 economists had forecast the central bank will raise its benchmark rate by as much as 325 basis points from 18.75%.
