The Central Bank of Nigeria, CBN’s Monetary Policy Committee, MPC meeting will not hold next week as planned.

Recall that the CBN was forced to cancel the meeting in January after it failed to form a quorum.

It is cancelling the March meeting for the same reason.

This is a product of a political standoff between the executive and the legislature over power of the legislature to confirm presidential nominees.

CBN governor Godwin Emefiele told CBNC Africa on Thursday that the MPC meeting would be delayed by about seven to 10 days, or at the latest until the first week of April.

The meeting is used by the apex bank to set interest rate. It would have held from March 19 to 20.

Also Read: “Why Cutting Interest Rate May Be A Bad Idea In Nigeria”

It is now counting on the Senate to screen and confirm appointees to the CBN so that the MPC can form quorum to meet.

The Senate had already agreed it would next week consider the report into MPC nominations.

The CBN had left the interest rate at 14% after the January meeting was cancelled, a level where it has kept them for over a year to support the naira and curb inflation.

“The MPC will certainly hold by latest the first week in April,” Emefiele said.

“The good thing is that the main decision the MPC would have taken, which is bordering on price stability, or altering the price dynamic today, we are not seeing the need right now to alter the price mechanism,” Emefiele added.

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