The Central Bank of Nigeria, CBN, says the first Monetary Policy Committee, MPC, meeting for 2018 will not hold.
The meeting which was scheduled for 22 – 23rd January 2018, will not hold due to the bank’s inability to form a quorum as stipulated in the Central Bank of Nigeria Act 2017, a statement signed by the CBN governor, Godwin Emefiele and made available on Sunday, January 21 read.
Although the meeting will not hold, the statement, however, noted that “key economic indicators continue to move in the right direction”.
“With modest recovery in oil prices and boost in domestic production, we exited recession in 2017, while inflation has continued its decline and is now at 15.37 percent for December 2017”, the statement read.
The statement said in absence of a meeting of the MPC, the CBN will continue to maintain key monetary policy variables as decided by the November 2017 MPC meeting.
The statement added that a revised schedule of meetings for the MPC will be communicated as soon as the bank is able to meet the statutory requirements of membership and quorum.