Analysis

The Central Bank of Nigeria (CBN) postponed the Monetary Policy Committee meeting slated for this week (25-26 September, saying it would schedule a new meeting later. Isa Abdulmumin, Director of Corporate Communications, said a new date would be communicated in due course while regretting any inconvenience the change may cause to stakeholders and the general public. The postponement may be connected to the fact that the CBN leadership comprising the new governor and three other deputy governors nominated by President Bola Tinubu, were only just confirmed by the Senate on Tuesday.  This is not surprising as in Nigeria, an imminent appointment triggers a period of inactivity where people seek to avoid bold possibly irreversible moves. What is important is that the pause due to no substantive CBN governor is now over and we can begin to focus on the quality of policymaking that emerges from the new leadership. Some important questions naturally arise. Will it refocus the bank on its core mandate? How politicised will it be compared to the last CBN leadership? Will it make the necessary adjustments to FX policy? Will it continue to make illegal advances to fund the federal government? These are the real issues because ...

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