The Central Bank of Nigeria (CBN) says it plans to begin its long delayed Monetary Policy Committee (MPC) meeting on April 3, 2018.
This, Isaac Okorafor, Acting Director, Corporate Communications at the CBN told Reuters on Monday, is contingent on confirmation of President Muhammadu Buhari’s nominees, comprising two Deputy Governors of the apex bank and four MPC members by the Senate “The new dates for the MPC are April 3 and 4,” the spokesman told Reuters by phone. “We are hoping that between now and then the members of the committee would have been confirmed by the Senate.”
A political disagreement between the Presidency and National Assembly over nominations for the MPC prevented an approval of the candidates, following which the committee could not form the much needed quorum to meet.
The Senate will consider a report into the nominations this week and could approve them, paving the way for the first rate-setting meeting this year.