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Eid-el Fitr holiday: CBN shifts MPC meeting to Thursday

Eid-el Fitr holiday: CBN shifts MPC meeting to Thursday
May 21
21:03 2020

The May 2020 meeting of the monetary policy committee (MPC) of the Central Bank of Nigeria has been earlier scheduled to hold on Monday and Tuesday, May 25 and 26 has been postponed.

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A statement signed by Isaac Okorafor, director of CBN corporate communications department, said the meeting will now hold on Thursday, May 28.

This means that the usual two-day meeting will now for one day.

Okorafor said the meeting had to be rescheduled because of the Eid-el Fitr holiday announced by Rauf Aregbesola, the minister of interior.

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“This is to inform our stakeholders and the general public that the May 2020 meeting of the monetary policy committee (MPC) of the Central Bank of Nigeria
(CBN), earlier scheduled for Monday and Tuesday, May 25 and 26, 2020, respectively, will now hold on Thursday, May 28, 2020,” the statement read.

“This is as a result of the declaration of Monday and Tuesday, May 25 and 26, 2020, as Eid-el Fitr holidays.

“For the avoidance of doubt, the CBN has put in place all necessary machinery for the meeting to now hold for only one day on account of the on-going
COVID-19 national lockdown and to align this meeting with extant rules of the presidential task force (PTF) on COVID-19 and advisories from other relevant agencies.”

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The committee holds its meeting once in three months to determine the baseline interest rate for the economy.

The Eid-el Fitr holiday marks the end of the 30-day Ramadan fast for Muslims.

Featured image: Godwin Emefiele, governor of the Central Bank of Nigeria

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