Nigeria’s Apex Bank, the Central Bank of Nigeria (CBN) has moved its Monetary Policy Committee (MPC) meeting to Thursday next week.
In line with a statement signed by CBN spokesman, Isaac Okorafor, the meeting earlier scheduled for Monday and Tuesday, May 25 and 26, 2020, respectively, will now hold on Thursday, May 28, 2020.
“This is as a result of the declaration of Monday and Tuesday, May 25 and 26, 2020, as Eid-el Fitr holidays.
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“For the avoidance of doubt, the CBN has put in place all necessary machinery for the meeting to now hold for only one day on account of the on-going COVID-19 national lockdown and to align this meeting with extant rules of the Presidential Task Force (PTF) on COVID-19 and advisories from other relevant agencies.”
The Monetary Policy Committee is the highest policy making committee of the Bank with the following mandate:
- Review economic and financial conditions in the economy
- Determine appropriate stance of policy in the short to medium term
- Review regularly, the CBN monetary policy framework and adopt changes when necessary.
- Also communicate monetary/financial policy decisions effectively to the public and ensure the credibility of the model of transmission mechanism of monetary policy.
