CBN picks April 3 for MPC meeting

The Monetary Policy Committee (MPC) meeting previously scheduled for March 19 and 20, will now hold on April 3 and 4, according to the Central Bank of Nigeria (CBN).

The Acting Director, Corporate Communications, Mr. Isaac Okorafor, confirmed the new schedule.

Okorafor said the new schedule followed firm assurances received from the National Assembly that the screening of the newly appointed members of the MPC would be concluded this week.

The Senate had refused to confirm new nominees submitted by the president to fill vacant positions created following the exit of some former members who either retired or completed their tenures.

The lawmakers had refused to confirm the nominees in protest against the continued refusal by the executive to dump the acting chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, after his nomination was rejected twice.

But the CBN governor, Godwin Emefiele said after the Senate reconsidered its stance not to screen the new nominees submitted to them last year, the Committee would have to wait for some days after the screening exercise to allow the Committee of Governors to meet and decide on a new date for the meeting.

Emefiele said last Thursday that the MPC meeting which failed to hold last January would be rescheduled seven to 10 days behind scheduled March 19 and 20 date.

The meeting, which was the first for the year, was cancelled last following the inability of members to form a statutory quorum as stipulated under the CBN Act.

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