The dollar was on Thursday selling for N995 to the dollar in the black market even as it emerged that the Central Bank of Nigeria, CBN has postponed its scheduled Monetary Policy Committee, MPC meeting scheduled for Monday and Tuesday, September 25 and 26 indefinitely.
GWG.ng reports that no reason was given for the postponement but there were suggestions that the postponement was to give room for the new management of the apex bank to take charge of the meeting.
Former Lagos State commissioner, Yemi Cardoso was a week ago nominated by President Bola Tinubu as the new governor of the CBN. However, he cannot take charge of the bank until he gets the Senate clearance. The Senate is not due to resume from its recess until September 26 before the clearance is supposed to commence.
Meanwhile, Mr Cardoso has his job cut out as the naira on Thursday continued its steady decline against the dollar reaching a rock bottom of N995 to the dollar in the black market.
GWG.ng reports that the dollar, however, exchanged at the I & E window for N771 to the dollar on Wednesday leading to an arbitrage level of N220, a development that is bringing concerns to stakeholders.
According to sources the naira has been under intense pressure leading to a significant depreciation as it fell to N995 to a dollar at the parallel market segment of the foreign exchange market. The pressure, it was gathered, is coming from speculators and from parents seeking dollars to pay tuition for their wards studying abroad who are resuming school this September.
Meanwhile, in its notice for the postponement of the MPC meeting dated September 20, 2023 and made available to GWG.ng, Isa Abdulmumin, Director of Corporate Communications, CBN said:
The Monetary Policy Committee, MPC of the Central Bank of Nigeria, CBN has deferred its 293rd meeting scheduled for Monday and Tuesday, September 25 and 26, 2023 respectively.
A new date will be communicated in due course.
We regret any inconvenience this change may cause our stakeholders and the general public.
GWG.ng reports that the new CBN management is expected to see the erosion of value of the naira as compared to the dollar in the black market as a primary duty.