By Louis Achi
The postponement of the Central Bank of Nigeria (CBN) Monetary Policy Committee ( MPC) meeting originally scheduled for between November 20 and 21 has been described by experts as a dereliction of duty and a sign of irresponsibility.
The apex bank had earlier on Monday through its Director Corporate Communications, Isa Abdulmumin, announced that it is putting off its MPC meeting essentially because of the forthcoming 60th anniversary of the Chartered Institute of Bankers (CIBN) scheduled for November 24, 2023.
Abdulmumin had said, “MPC is not holding this week. All roads lead to the 2023 CIBN annual dinner slated for Friday, 24th.”
But economists who spoke in separate interviews said at this critical point in the nation’s economic history, with inflation hitting the roof and the national currency losing value at an alarming rate, it is unthinkable that the CBN would rather focus on celebration than address a national challenge.
Professor Godwin Oyedokun, of Lead City University, Ibadan said, he himself is a member of CIBN but that will not stop him from condemning the decision of the CBN to rate a Professional body over the nation.
According to him, “Yes I know the CBN Governor will give the economic outlook at the banker’s night, but the programme is at night, he has three clear days to prepare for the banker’s night. For me it is clear irresponsibility to abandon a national assignment for a professional body.
“I believe that they are not telling the truth, they are only buying time to have a better story to tell Nigerians.”
Also speaking, Lead Director, Centre for Social Justice (CSJ), Mr. Eze Onyekpere, said the critical challenges affecting the nation’s monetary policy demands that a meeting be held even earlier than it was scheduled and even more regularly so that more experts can make inputs into how the nation can get out of the challenge quickly.
His words: “What this means is that all the policy announcements the CBN Governor has been making has been a one man show instead of seeking input from other experts. And on the excuse they are giving, it also shows you where their priority lies. A celebration is more important than addressing national economic issues.”
