The Senate confirmed the appointment of the new Monetary Policy Committee (MPC) members following the consideration of a report from the Committee on Banking, Insurance, and other Financial Institutions Committee of the Central Bank of Nigeria (CBN) during Thursday’s plenary session. This confirmation comes just days before the first policy meeting of the CBN under its new governor, scheduled for February 26 and 27, 2024.
The appointed members of the MPC include:
- 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, Olayemi Cardoso, appointed as the CBN Governor in September 2023 by President Bola Tinubu, expressed concerns about the effectiveness of MPC meetings under his predecessor, Godwin Emefiele. He emphasized that the CBN Act 2007 mandates the MPC meeting four times a year, and the bank had met this requirement in 2023. Cardoso’s focus is on ensuring that these meetings are useful and effective.
However, Bismarck Rewane, a renowned economist and Managing Director of Financial Derivatives Company Limited, suggested that the MPC should convene more than four times a year to review economic and financial conditions and address escalating inflation.
