The Central Bank of Nigeria (CBN) has once again deferred the meeting of its monetary policy committee, despite the ongoing rise in inflation.

The meeting, initially scheduled for Monday and Tuesday, marks the second postponement since Olayemi Cardoso assumed the role of governor in September.

According to a report by Bloomberg quoting Dr. Isa Abdulmumin, the CBN’s Director of Corporate Communications, the Monetary Policy Committee (MPC) will not be convening this week.

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AbdulMumin indicated that the delay might be attributed to the upcoming Chartered Institute of Bankers of Nigeria dinner, where Governor Cardoso is expected to present an economic roadmap for Nigeria.

This latest delay is anticipated to prolong the wait for insights into Cardoso’s approach to addressing the surging inflation, which reached 27.33% in October 2023.

Economic experts express concern over the postponement, as the markets await a new MPC decision following positive responses in consumer prices to money market reforms.

MPC meetings are vital for investors to understand the state of the economy and receive guidance on the government’s policy direction.

Muda Yusuf, the Chief Executive Officer of the Centre for the Promotion of Private Enterprises, emphasized the urgency of reconvening the policy to provide information about the economy and guide the public on the government’s policy direction.

He acknowledged the challenges, especially in the foreign exchange sector, and stressed the importance of effective communication through MPC meetings.

Cordros Capital recently predicted that the CBN might increase its Monetary Policy Rate, currently at 18.75%, by 100 basis points.

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The firm noted that the monetary policy landscape has evolved rapidly since the last MPC meeting in July, with ongoing efforts by the apex bank, particularly since the beginning of October.

Further rate hikes, according to Cordros Capital, would signal the CBN’s commitment to its inflation-fighting efforts, especially as near-term inflation expectations are poised to reach a peak of 28.02% year-on-year in December.