CBN Await Senate’s Clearance For MPC Meeting

All eyes are on the Central Bank of Nigeria (CBN) and the Senate to see if the first Monetary Policy Committee of the CBN for 2018 will hold between March the 19th and 20th.

The CBN could not hold the meeting in January this year, due to the Senate’s refusal to approve the critical committee needed to form a quorum as stipulated in the CBN Act of 2007.

However, the CBN governor, Godwin Emefiele, said last month that the CBN may reduce its benchmark from a record-high 14 percent before July if inflation drops closer to single digits.

But analysts fear that may be a difficult task for now until the Senate approves President Muhammadu Buhari’s four, nominees to the MPC, submitted last year to the National Assembly.