The Central Bank of Nigeria (CBN) on Saturday rescheduled the Nov. 19 meeting of the Monetary Policy Committee (MPC) to Nov. 21 and 22 due to accommodate the Eid-El Maulud celebrations.
A statement by Mr Isaac Okorafor, Director, Corporate Communications, CBN, 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,” he said.
The News Agency of Nigeria (NAN) reports that 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.