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CBN confirms date for first MPC meeting in 2018


CBN building

The first Central Bank of Nigeria (CBN)’s monetary policy meeting this year will hold on April 3 and April 4, 2018 after three consecutive postponements due to non-replacement of retiring members.

The development had led to lack of quorum for the meetings, just as the process of replacing retiring members was earlier stalled due to legislature-executive disagreements on issues that were not related.

Consequently, speculations were already rife in the investing community over the direction of monetary policy that has remained stagnant for the past six months.


Last week, however, after series of lobbying, the Senate revisited the matter and confirmed the appointment of Aisha Ahmad and Edward Lametek Adamu as substantive deputy governors of CBN, along with three members of the Monetary Policy Committee (MPC).

The deputy governors and the three MPC members: Professor Adeola Festus Adenikinju, Robert Asogwa and Aliyu Rafindadi Sanusi, resumed yesterday at the CBN Head Office, signaling the confirmation of the new date for the first monetary policy meeting in the year.

CBN Governor, Godwin Emefiele, who welcomed the new members of the apex bank prior to their subscription to the relevant Oaths of Office, congratulated them on their appointments by President Muhammadu Buhari and confirmation by the Senate.

Emefiele, alongside Adebayo Adelabu and Joseph Okwu Nnanna, the deputy governors in charge of Operations and Financial Systems Stability (FSS), expressed happiness that the bank now had a full complement of its deputies.

This, he noted, would enable the CBN to operate optimally as it would henceforth meet the required quorum for the MPC to hold its statutory meetings for formulating monetary and credit policies.

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