Nigeria’s apex bank reschedules MPC meeting

Mr Godwin Emefiele, Governor, Central Bank of Nigeria (CBN).

The Central Bank of Nigeria, the country’s apex bank, has rescheduled its first monetary policy committee meeting of 2020 to January 23 and 24, it said in a tweet.

The meeting was originally scheduled for January 20 and 21.

“The CBN (Central Bank of Nigeria) regrets any inconvenience this change may have caused its stakeholders and the general public,”  the bank said in a tweet.

It did not give a reason for the change.

The Central Bank has held its benchmark interest rate at 13.5% since cutting it from 14% last March in a surprise move aimed at stimulating growth and signalling a new direction. It was the first rate cut since November 2015.

The Central Bank Governor, Mr. Godwin Emefiele, in November said he expected the bank to maintain its stable exchange rate policy in the medium term and keep monetary policy tight in 2020 to combat inflation.

Annual inflation in November stood at 11.85%, the highest rate since April 2018. Economists say Nigeria’s closure of parts of its borders since August to fight smuggling of rice and other goods has exacerbated inflation.

Amaka E. Nliam