Breaking: CBN postpones 293rd MPC Meeting slated for September 2023

Acting Governor of CBN, Folashodun Shonubi.

CBN Delays Meeting Amidst Speculations Over Deputy Governors and New Leadership

In an unexpected twist of events, the Central Bank of Nigeria (CBN) has made the decision to postpone its highly anticipated 293rd Monetary Policy Committee (MPC) meeting. The originally scheduled dates of this crucial meeting, which were set for Monday and Tuesday, September 25 and 26, 2023, have been pushed back to a yet-to-be-announced date.

The announcement of this delay came via a press release issued by Dr. Isa AbdulMumin, Director of Corporate Communications at the CBN, on September 20, 2023.

The press release stated:

“The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has deferred its 293rd meeting scheduled for Monday and Tuesday, September 25 and 26, 2023, respectively. A new date will be communicated in due course. We regret any inconvenience this change may cause our stakeholders and the general public.”

While the specific reasons for the postponement have not been officially disclosed by the CBN, such decisions typically involve considerations of various economic and financial factors.

One possible factor contributing to this decision could be the recent announcement of new deputy governors, coupled with rumors that the current deputy governors were yet to resign. In a significant move, Nigeria’s President Bola Tinubu nominated Dr. Olayemi Michael Cardoso as the new Governor for the Central Bank of Nigeria (CBN).

President Tinubu’s nomination of Dr. Cardoso marked a pivotal development in the leadership of the CBN. Additionally, President Tinubu approved the selection of four individuals to serve as Deputy Governors of the CBN. These esteemed candidates are poised to embark on a five-year term, pending Senate confirmation. The nominated Deputy Governors include:

1. Mrs. Emem Nnana Usoro
2. Mr. Muhammad Sani Abdullahi Dattijo
3. Mr. Philip Ikeazor
4. Dr. Bala M. Bello

As speculation swirls around the implications of these new leadership appointments, the CBN’s decision to postpone the MPC meeting leaves room for further analysis and anticipation. The delay raises questions about how these developments may influence the central bank’s future monetary policies and economic strategies.

While the CBN has chosen to withhold specific details regarding the postponement, stakeholders and the public await further information on the rescheduled MPC meeting and its potential impact on Nigeria’s financial landscape.