Business

CBN shifts MPC meeting to accommodate Eid-El Maulud 

 

The Central Bank of Nigeria (CBN) on Saturday disclosed that it has shifted the Nov. 19 meeting of the Monetary Policy Committee (MPC) to Nov. 21 and 22 to accommodate the Eid-El Maulud celebrations.

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

“The CBN regretted any inconvenience the change may have caused its stakeholders and the general public,” Okorafor said.

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 to determine 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.

The MPC meets quarterly except otherwise, in the event of an emergency.

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