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Central Bank CBN to postpone Monetary Committee meeting till April

Central Bank failed to hold its first interest rate-setting meeting in January 2018 due to the non-confirmation of its Monetary Committee nominees.

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Mr. Godwin Emefiele, the Governor of Central Bank of Nigeria

(Pulse.ng)

The Central Bank of Nigeria will be delaying its next Monetary Policy Committee meeting by a week or 10 days to allow the financial regulatory body form a quorum as stipulated in the CBN Act 2007.

Godwin Emefiele, governor of the CBN stated this in an interview with CNBC Africa on Thursday morning.

ALSO READ: Financial experts lament 2018 Budget delay, MPC confirmation

There will be MPC this time, it supposed to hold on the 19 and 20 of March, the Senate is in the process of screening those nominees.

"We are going to have a week or 10 extensions of the date of the MPC"


"The MPC will certainly hold by the first week in April," Emefiele said in the interview.

 

The Apex Bank failed to hold its first interest rate-setting meeting scheduled for 22-23 January 2018 due to the non-confirmation of its MPC nominees sent to the Nigerian Senate by President Muhammadu Buhari.

The development that made the Central Bank to maintain the key monetary variables as decided in the last MPC meeting of November 2017.

The Monetary Policy Rate (MPR) left unchanged at 14 percent; CRR at 22.5 percent; Liquidity Ratio at 30 percent and the Asymmetric Corridor at +200 and -500 basis points around the MPR.

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