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HomeBusinessSenate approves appointment of 12 new MPC members 

Senate approves appointment of 12 new MPC members 

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In a significant development, the Nigerian Senate has officially confirmed the appointments of 12 distinguished individuals to the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN).

This confirmation follows a comprehensive review of the report presented by the Committee on Banking, Insurance, and Other Financial Institutions of the CBN during a plenary session held on Thursday.

The announcement of these new MPC members aligns with the recent policy initiatives of the CBN under the leadership of its governor.

The first policy meeting since the appointment of the new CBN governor is scheduled to take place on February 26 and 27, 2024.

The confirmed members of the MPC are as follows:

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Olayemi Cardoso, Chairman

Muhammad Sani Abdullahi, MemberBala

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

The confirmation of these appointments follows remarks made by Governor Olayemi Cardoso in November 2023, shortly after his appointment by President Bola Tinubu.

Cardoso expressed concerns about the effectiveness of the MPC meetings under his predecessor, Godwin Emefiele.

He emphasised the importance of aligning the committee’s activities with the provisions of the CBN Act of 2007, which mandates four meetings annually. Notably, the CBN has already met this requirement for the year 2023.

Governor Cardoso stated, “Our focus is on ensuring that these meetings are useful and effective,” highlighting a commitment to enhancing the MPC’s role in shaping monetary policy in Nigeria.

However, renowned economist and Managing Director of Financial Derivatives Company Limited, Bismarck Rewane, suggests that the MPC should convene more frequently than the mandated four times a year.

He argues for a more proactive approach to reviewing economic and financial conditions, particularly in addressing the challenge of rising inflation.

This development underscores the ongoing evolution and recalibration of Nigeria’s monetary policy landscape, setting the stage for a more dynamic and responsive approach to economic challenges under the stewardship of Governor Olayemi Cardoso.

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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