The Senate has confirmed the appointment of 12 individuals as members of the Monetary Policy Committee of the Central Bank of Nigeria (CBN).
This approval follows a report from the Committee On Banking, Insurance, and Other Financial Institutions Committee of the CBN that was reviewed during a session on Thursday.
The confirmation of the new MPC members comes just before the first policy meeting of the central bank with the new CBN governor. The meeting is scheduled for February 26 and 27, 2024.
The members are:
- Olayemi Cardoso – Chairman
- Muhammad Sani Abdullahi – Member
- Bala M. Bello – Member
- Emem Usoro – Member
- Philip Ikeazor – Member
- Lamido Yuguda — Member
- Jafiya Lydia Shehu – Member
- Murtala Sabo Sagagi – Member
- Aloysius Uche Ordu – Member
- Aku Pauline Odinkemelu – Member
- Mustapha Akinwumi – Member
- Bandele A.G. Amoo – Member
In November 2023, Cardoso, who was appointed as the new CBN Governor by President Bola Tinubu in September 2023, mentioned that the MPC meetings were not effective during the time of his predecessor, Godwin Emefiele.
“For quite some time, the MPC meeting has not been effective,” he said, adding that the CBN Act 2007 requires that the MPC meeting holds four times a year and the bank has satisfied the requirement for 2023.
“Our focus is on ensuring that these meetings are useful and effective,” he stressed.
On the other hand, Bismarck Rewane, a well-known economist and Managing Director of Financial Derivatives Company Limited, suggested that the MPC should convene more than four times a year to assess economic and financial conditions and address the rising inflation rates.
