The Senate has granted approval for the appointment of the 12-member Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC), as proposed by President Bola Tinubu. The confirmation follows a positive report from the Senate’s committee on Finance, Banking, Insurance, and other Financial Institutions, which found the nominees suitable for the positions.
The MPC is chaired by CBN Governor Yemi Cardoso, with 11 other members including CBN Deputy Governors Muhammad Abdullahi, Bala Bello, Emem Usoro, and Philip Ikeazor. Other members include Lamido Yuguda, Director General of the Security and Exchange Commission (SEC); Jafia Lydia Shehu, Permanent Secretary of the Federal Ministry of Finance; Muritala Sabo, CBN Director; Aloysius Uche; Agu Paulin; Mustapha Akinwumi; and Bamidele Amon.
President Tinubu’s request for the Senate’s confirmation of the MPC members was communicated in a letter to Senate President Godswill Akpiabio, titled “Constitution of Monetary Policy Committee for the Central Bank of Nigeria (CBN).”
The approval comes amidst recent developments in the CBN, including the cessation of payments to external members of the MPC, which was interpreted as their effective dismissal. Reports indicate that the President intends to nominate a new MPC in due course.
The CBN is set to convene its first MPC meeting in nearly eight months on February 26th and 27th. This meeting will be the first under the leadership of Mr. Yemi Cardoso and his team. At its last session, the MPC raised the interest rate to the current level of 18.75%.
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