In a comprehensive shakeup of the financial institution under new management, Nigeria’s central bank is set to replace external members of its monetary policy committee (MPC). This development comes amid speculations of a rate hike expected at the upcoming February meeting, addressing concerns over high inflation.
The restructuring initiative has reportedly sidelined four out of the five external members of the 12-seat MPC. These members, speaking on the condition of anonymity, disclosed that they have not received payment since August and have been excluded from the customary planning activities leading up to the Feb. 26-27 gathering. The lack of communication from the central bank since September has added to the uncertainty surrounding their roles.
This move signals a significant transformation within the central bank, reflecting the ongoing changes introduced by the new management. The forthcoming February meeting is anticipated to be a pivotal moment for the MPC, with expectations of a rate hike to address the persistently high inflation levels.
As the central bank undergoes this thorough shakeup, industry experts are closely watching for further details on the replacement of external MPC members and the potential impact on monetary policy decisions. The changes are likely to influence Nigeria’s economic landscape, and stakeholders will be keenly observing how the central bank navigates these adjustments.