CBN postpones MPC meeting for Eid-El Maulud

The Central Bank of Nigeria (CBN) , on Saturday, rescheduled the November 19 meeting of the Monetary Policy Committee (MPC) to November 21 and 22 to accommodate the Eid-El Maulud celebrations.

This is according to a press statement by the Director, Corporate Communications, CBN, Mr Isaac Okorafor. The date was changed from Monday and Tuesday following the declaration of Tuesday as a public holiday by the Federal Government to mark the Eid-El Maulud.

The statement reads: “The CBN regretted any inconvenience the change may have caused its stakeholders and the general public” .

The MPC is the highest policy making committee of the apex bank with the mandate to review economic and financial conditions in the economy.

It is also determines appropriate stance of policy in the short to medium term, review regularly, the CBN monetary policy framework and adopt changes when necessary.

It also communicates monetary/financial policy decisions effectively to the public and ensures the credibility of the model of transmission mechanism of monetary policy. It meets quarterly except otherwise, in the event of an emergency.