The appointment of twelve individuals to the Central Bank of Nigeria’s Monetary Policy Committee has been approved by the Senate.
According to Channels TV, this confirmation follows the discussion of a report by the CBN’s Committee on Banking, Insurance, and Other Financial Institutions Committee in plenary on Thursday.
Days before the top bank’s first policy meeting under the new CBN governor, Olayemi Cardoso, the new MPC members were confirmed. The meeting has been scheduled for February 26 and 27, 2024.
The participants are:
1. Chairman Olayemi Cardoso The following people are members: 2. Muhammad Sani Abdullahi; 3. Bala M. Bello; 4. Emem Usoro; 5. Philip Ikeazor; 6. Lamido Yuguda; 7. Jafiya Lydia Shehu; 8. Murtala Sabo Sagagi; 9. Aloysius Uche Ordu; 10. Aku Pauline Odinkemelu; 11. Mustapha Akinwumi; 12. Bandele A.G. Amoo.
Cardoso, who was just named CBN Governor in September 2023 by President Bola Tinubu, claimed in November 2023 that “The MPC meeting had not been successful under his troubled predecessor, Godwin Emefiele.
“The MPC meeting has not been effective for quite some time, he stated, adding that the bank has complied with the CBN Act 2007’s requirement that the MPC meet four times year.”
He had emphasized, “Our goal is to make sure that these meetings are beneficial and successful.”
Nonetheless, prominent economist and Financial Derivatives Company Limited Managing Director, Bismarck Rewane, had previously stated that “The MPC ought to convene more frequently than four times a year in order to assess financial and economic circumstances and control rapidly rising inflation.”
