Central Bank of Nigeria Fails to Hold Monetary Policy Committee Meeting

For over four months now, the monetary policy committee of the Central Bank of Nigeria has failed to hold its statutory meeting and the bank has not stated convincing reasons for this failure. The 294th MPC meeting was scheduled for Monday, November 20 and Tuesday, Nov 21. The MPC was created by the CBN Act 2007 to assist the bank in attaining price stability and support the economic policy of the federal government.

It is also designed to serve other important functions such as reviewing economic and financial conditions in the economy; determining the appropriate stance of policy in the short to medium term; reviewing regularly the CBN monetary policy framework and adopting changes when necessary; and communicating monetary/financial decisions effectively to the public and ensure the credibility of the model of the transmission mechanism of the monetary policy. The law indicates that the MPC is the highest policy-making committee in the bank with a mandate to formulate monetary and credit policy for the bank

Source: Loan Digest (loandigest.net)

Central Bank Of Nigeria Monetary Policy Committee Meeting CBN Act Price Stability Economic Policy Financial Conditions Monetary Policy Framework Transmission Mechanism Policy-Making Committee Monetary Policy Credit Policy

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