CBN moves monetary policy meeting forward

The Central Bank Governor, Mr. Godwin Emefiele.

The Central Bank of Nigeria (CBN) has rescheduled its monetary policy committee meeting, according to a statement issued by the apex bank.

The bank moved the meeting forward to September 19 and 20 after having previously been scheduled to take place on September 23-24.

The statement gave no reason for the change.

A source at the Central Bank said the Governor Godwin Emefiele was due to attend the U.N. General Assembly in New York next week, hence the rate setting meeting was brought forward.

Analysts expect Nigeria to begin easing rates from September after inflation fell to almost a four-year low in August but the price index remains outside the bank’s single-digit target and recent currency weakness could mean it might want to hold fire.

The Central Bank in March cut its benchmark interest rate in a surprise move to 13.5% from 14% as part of an attempt to stimulate growth and signal a new direction, it said at the time. The move was the first rate cut since November 2015.

Amaka E. Nliam