Public holiday forces CBN to postpone MPC meeting

The Eid-El-Maulud holiday declared by the Federal Government for Tuesday 20th of November has forced the Central Bank of Nigeria (CBN) to postpone the November two-day meeting of the Monetary Policy Committee (MPC) to Wedneday 21st and Thursday 22nd of November.

The meeting was earlier scheduled for Monday and Tuesday, 19th and 20th of November.

This was disclosed by the Director, Corporate Communications, CBN, Mr. Isaac Okorafor, on Saturday.

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“The November 2018 meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has been rescheduled from Monday and Tuesday, 19th & 20th November to Wednesday and Thursday, 21st and 22nd November, 2018, as a result of the declaration of Tuesday, 20th November, 2018, as a public holiday by the federal government.

“The CBN regrets any inconvenience this change may have caused its stakeholders and the general public,” Okorafor said in the two-paragraph statement.

It would be recalled that the MPC its September 2018 meeting had maintained the Monetary Policy Rate (MPR) at 14 per cent, with the asymmetric corridor at +200 and -500 basis points around the MPR; it also retained the cash reserve ratio (CRR) and liquidity ratio (LR) at 22.5 per cent and 30 per cent respectively.

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