The first meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) for 2020, earlier slated to hold on Monday and Tuesday, January 20 and 21respectively, has been shifted.
According to Mr Isaac Okorafor, the apex bank’s spokesman, the meeting will now hold from Thursday to Friday, January 23 to 24. Although no reason was given for the change, a terse statement which announced the postponement, conveys CBN’s regrets on inconvenience the shift might have caused.The conduct of monetary policy in Nigeria and all CBN activities relate with the core mandate of the bank. Consequently, in pursuance of its functions in compliance with the core mandate, the CBN undertakes monetary policy in order to maintain the country’s external reserves to safeguard the international value of the Naira; promote and maintain monetary stability and a sound and efficient financial system in Nigeria; act as banker and financial adviser to the Federal Government as well as as lender of last resort to banks.
The legal backing for monetary policy by the Bank derives from the various statutes of the bank such as the Central Bank of Nigeria Act of 1958 as amended in CBN Decree No. 24 of 1991, CBN Decree 1993 (Amendment), CBN Decree No. 3 of 1997 (Amendment), CBN Decree No. 4 of 1997 (Amendment), CBN Decree No. 37 of 1998 (Amendment), CBN Decree No. 38 of 1998 (Amendment), CBN Decree 1999 (Amendment) and CBN Act of 2007 (Ammended), among others.