THERE are indications that the Central Bank of Nigeria (CBN) may  shift its Monetary Policy Committee (MPC), meeting expected to be held this month.

This, according to checks, is due to delay in releasing a report on the rebasing of the Nigerian economy.

The National Bureau of Statistics (NBS) has hinted at its desire to rebase Nigeria’s economy and set the end of January to unveil the report but failed to deliver.

According to the statistics office, the rebasing is to capture changes in certain sectors of the economy and to reflect current consumption patterns while also reflecting the economic dynamics witnessed in the past few years.

A report on Sunday, February 9, by Nairametrics stated that sources within the apex bank revealed CBN was reconsidering postponing the MPC, expected to be held on February 17–18, due to the unavailability of updated inflation data.

It stated further that the move was to ensure the committee has the most up-to-date economic data before making policy decisions.

Efforts to confirm from CBN acting director of corporate communications, Hakama Sidi Ali, were unsuccessful as she did not respond to calls, texts and WhatsApp messages sent to her.

The apex bank had earlier postponed the MPC meeting initially set for January 27–28 to allow time for the NBS to rebase inflation and gross domestic product figures.

The rebasing of Nigeria’s economy is expected to provide a more accurate reflection of inflation trends by incorporating changes in consumer spending patterns.

It is coming after it was conducted in 2009 and will include capturing increased spending on telecommunications and services.

The delay by the NBS in releasing its report since the end of January has been raising concerns about the timing of key economic indicators.

This is anticipated to affect the MPC meeting as NBS typically releases its inflation report every 15th day of every month.

If the agency maintains this tradition, the inflation report could be published just two days before the previously scheduled MPC meeting, leaving little room for CBN to analyse the data to make key decisions.

As an official confirmation from the CBN is awaited, the report added that sources said unless the NBS releases the rebasing data, the MPC meeting is likely to be left to hold in March.

The ICIR can recall that this is not the first time the CBN has postponed its MPC meeting under the leadership of Olayemi Cardoso.

Upon assuming office as the CBN governor, Cardoso postponed the MPC for three consecutive times from September 2023 to January 2024.

It resulted in CBN altering the routine as the bimonthly meeting was held in February and March last year.