TheCable

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says the monetary policy committee meeting scheduled for March will be postponed.

Speaking with CNBC on Thursday, Emefiele said the meeting will be delayed for seven to 10 days or hold in the first week of April at the latest.

The meeting had been previously scheduled to hold between March 19 and March 20.

The January meeting of the committee, which is saddled with the responsibility of determining monetary policy rate which affects the interest rate, was stalled because it could not form quorum.

The committee also sets the cash reserve ratio, which is a certain minimum amount of deposit that the commercial banks have to hold as reserves with the central bank.

“The MPC will certainly hold by latest the first week in April,” Emefiele said.

“The good thing is that the main decision the MPC would have taken, which is bordering on price stability, or altering the price dynamic today, we are not seeing the need right now to alter the price mechanism.”

At present, the committee of 12 has only four members because the senate refused to confirm nominees appointed by President Muhammadu Buhari.

On Tuesday, the senate resolved to screen the nominees.