The Central Bank of Nigeria is now considering convening an emergency MPC meeting in February.
CBN Governor had earlier allayed the fears over the inability of the bank to hold the Monetary Policy Committee meeting in January due to the non-confirmation of nominees by the Senate.
Godwin Emefiele explained in a statement that the MPC meeting would not be holding in January as a result of the bank’s inability to form a quorum as stipulated in the CBN Act 2007.
He also noted that strong investor confidence in Nigeria had attracted inflows of about $13bn through the Investors’ and Exporters’ window, opened by the CBN in 2017. According to him, these inflows have boosted FX supply and helped to stabilise the exchange rate.
He says despite this development, theCBN will continue to maintain key policy variables..MPR AT 14%, CRR at 22.5%, as well as liquidity ratio at 30.0%
Will the development have an immediate effect on the economy?