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Nigeria central bank postpones next week's policy meeting

Published 09/21/2023, 08:41 AM
Updated 09/21/2023, 08:46 AM
© Reuters. FILE PHOTO: A view shows Nigeria's Central Bank headquarters in Abuja, Nigeria November 22, 2020. Picture taken November 22, 2020. REUTERS/Afolabi Sotunde/File Photo

ABUJA (Reuters) - Nigeria's central bank said on Thursday that it had delayed an interest rate meeting that had been planned for next week and that it would schedule a new meeting later.

In a statement on its website, the Central Bank of Nigeria did not say why the Sept. 25-26 meeting of its Monetary Policy Committee was delayed and a new date would be set later.

The postponement comes days after President Bola Tinubu nominated a new central bank governor and four new deputy governors. The Senate is yet to hold confirmation hearings for Tinubu's picks.

In July, the central bank opted for a small rate hike at the first monetary policy meeting since Tinubu suspended central bank governor Godwin Emefiele.

© Reuters. FILE PHOTO: A view shows Nigeria's Central Bank headquarters in Abuja, Nigeria November 22, 2020. Picture taken November 22, 2020. REUTERS/Afolabi Sotunde/File Photo

Emefiele oversaw a much-criticised system of multiple exchange rates used to keep the local naira currency artificially strong and lent directly to businesses to try to boost growth in Africa's biggest economy.

Tinubu criticised the central bank's policies under Emefiele at his inauguration in May, saying they needed "thorough house-cleaning".

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