The Senate has confirmed the appointment of Olayemi Cardoso and 11 other persons as members of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN).
The Senate confirmation comes after a report of the Committee On Banking, Insurance and other Financial Institutions Committee of the CBN was considered during plenary on Thursday.
The Senate confirmation of the new MPC members comes days after the first policy meeting of the apex bank under the new CBN governor. The meeting has been slated for February 26 and 27, 2024.
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The members are:
1. Olayemi Cardoso – Chairman
2. Muhammad Sani Abdullahi – Member
3. Bala M. Bello – Member
4. Emem Usoro – Member
5. Philip Ikeazor – Member
6. Lamido Yuguda — Member
7. Jafiya Lydia Shehu – Member
8. Murtala Sabo Sagagi – Member
9. Aloysius Uche Ordu – Member
10. Aku Pauline Odinkemelu – Member
11. Mustapha Akinwumi – Member
12. Bandele A.G. Amoo – Member
In November 2023, Cardoso, who was newly appointed CBN Governor by President Bola Tinubu in September 2023, had said that the MPC meeting had not been effective under his embattled 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 be held 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 had stressed.
However, renowned economist and Managing Director of Financial Derivatives Company Limited, Bismarck Rewane, had said the MPC should meet beyond four times a year to review economic and financial conditions and stem galloping inflation.
MPC is the highest policy-making body within the CBN responsible for formulating and implementing monetary and credit policies for the country
