Nigeria central bank postpones next week's policy meeting

21st September 2023 By: Reuters

Nigeria central bank postpones next week's policy meeting

Nigeria's central bank said on Thursday that it had delayed an interest rate meeting that had been planned for next week and that it would schedule a new meeting later.

In a statement on its website, the Central Bank of Nigeria did not say why the Sept. 25-26 meeting of its Monetary Policy Committee was delayed and a new date would be set later.

The postponement comes days after President Bola Tinubu nominated a new central bank governor and four new deputy governors. The Senate is yet to hold confirmation hearings for Tinubu's picks.

In July, the central bank opted for a small rate hike at the first monetary policy meeting since Tinubu suspended central bank governor Godwin Emefiele.

Emefiele oversaw a much-criticised system of multiple exchange rates used to keep the local naira currency artificially strong and lent directly to businesses to try to boost growth in Africa's biggest economy.

Tinubu criticised the central bank's policies under Emefiele at his inauguration in May, saying they needed "thorough house-cleaning".