The Senate has officially approved the appointment of 12 individuals to serve as members of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN).
This endorsement follows a review of the report submitted by the Committee On Banking, Insurance, and other Financial Institutions during the plenary session held on Thursday.
The confirmation of these new MPC members occurs shortly before the upcoming policy meeting of the central bank, scheduled for February 26 and 27, 2024, which will mark the first under the leadership of the new CBN governor.
The appointed members are as follows:
- 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, appointed as the new CBN Governor by President Bola Tinubu in September 2023, expressed concerns about the effectiveness of MPC meetings during the tenure of his predecessor, Godwin Emefiele.
Cardoso emphasized that the CBN Act 2007 stipulates quarterly MPC meetings, a requirement that was met in 2023. He underscored the importance of ensuring that these meetings are productive and beneficial.
However, Bismarck Rewane, a respected economist and Managing Director of Financial Derivatives Company Limited, suggested that the MPC should convene more frequently than the mandated four times a year to assess economic and financial conditions and address rising inflation rates.
