Nigeria In One Minute
MPC Stalemate: CBN to Maintain Forward Guidance as Policy Tool
Following the Senate’s refusal to consider President Muhammadu Buhari’s nominees to fill the vacancies in the Monetary Policy Committee (MPC), the Central Bank of Nigeria (CBN) has decided to hold on to forward guidance to communicate its monetary policy intentions pending the resolution of the dispute between the legislature and the executive arms of government.
The suspension of confirmation of the nominees by the Senate has made it impossible for the MPC to form a quorum and could, therefore, not meet to take up its role of monetary policy guidance.
A senior central bank official disclosed this to THISDAY yesterday.
Forward guidance is a verbal assurance from a country’s central bank to the public about its intended monetary policy. It attempts to influence the financial decisions of households, businesses and investors by letting them know what to expect from interest rates (to the extent that the central bank can influence those rates).
THISDAY, February 19, 2018
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