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The Nigerian Senate has approved the appointment of a 12-member Monetary Policy Committee (MPC) for the Central Bank of Nigeria (CBN), following President Bola Tinubu's nomination.
The head of the committee would be Governor Yemi Cardoso, the committee comprises distinguished members from various sectors, including CBN deputy governors, the Director-General of the Securities and Exchange Commission (SEC), and the Permanent Secretary of the Ministry of Finance, among others.
The confirmation, announced by Senate President Godswill Akpabio, paves the way for the newly-appointed members to commence their duties within the apex bank's MPC.
The nominees underwent screening by the Senate Committee on Banking, Insurance, and other Financial Institutions, chaired by Adetokunbo Abiru, who presented the screening report during the plenary.
President Tinubu's nomination of the MPC members aligns with the provisions of Section 12 of the Central Bank of Nigeria Act 2007. The upcoming MPC meeting, scheduled for February 26th and 27th, will be the first under Governor Cardoso's leadership. The MPC will address Nigeria's economic challenges, including rising inflation, which hit almost 30% in January, the highest in about three decades.
Governor Cardoso faces pressure to raise interest rates to curb inflation and address the country's cost-of-living crisis amid a crippling dollar shortage. The recent changes within the MPC, including the cessation of payments to external members, signal a new chapter in Nigeria's monetary policy landscape. The committee's decisions would play a crucial role in steering Nigeria towards sustainable growth and economic stability.
The Senate President, Godswill Akpabio, announced the confirmation of Mr. Cardoso and 11 others as members of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) following their clearance through voice votes during the plenary session. Mohammed Abdullahi, Bala Bello, Emem Usoro, and Philip Ikeazor are the appointed CBN deputy governors, as well as Lamido Yuguda, Director-General of the Securities and Exchange Commission (SEC), and Jibia Shehu, Permanent Secretary of the Ministry of Finance. Additionally, Murtala Sabo, Uche Wogu, Maureen Agu, Mustapha Akinwumi, and Bamidele Omo are also members.
Chairman of the Senate Committee on Banking, Insurance, and other Financial Institutions, Adetokunbo Abiru, presented the screening report, noting that the CBN governor and his deputies were excused from the exercise due to their recent screening in the National Assembly for their current positions.
