The Senate has officially endorsed 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 the consideration of a report from the Committee On Banking, Insurance, and Other Financial Institutions during Thursday's plenary session.
The confirmation of these new MPC members comes just ahead of the inaugural policy meeting of the apex bank under its new governor, scheduled for February 26 and 27, 2024.
The appointed 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, newly appointed CBN Governor by President Bola Tinubu in September 2023, expressed concerns about the effectiveness of the MPC meetings under his predecessor, Godwin Emefiele.
“For quite some time, the MPC meeting has not been effective,” he said, highlighting that the CBN Act 2007 mandates four annual MPC meetings, a requirement the bank met in 2023.
“Our focus is on ensuring that these meetings are useful and effective,” he emphasized.
However, renowned economist and Managing Director of Financial Derivatives Company Limited, Bismarck Rewane, suggested that the MPC should convene more than four times a year to assess economic and financial conditions and curb rising inflation.
