Olayemi Cardoso, the Central Bank of Nigeria, CBN Governor has been named the Chairman of the newly constituted Monetary Policy Committee, MPC.
MPC is a committee of the CBN established under CBN Decree 1999 (Amendment) and CBN Act of 2007 (Amended) to facilitate the attainment of price stability and to support the economic policy of the Federal Government, according to the apex bank.
Its membership apart from the Governor include four deputy governors of the bank; two members of the board of directors of the bank; three members appointed by the President; and two members appointed by the CBN governor.
Cardoso’s appointment was contained in a letter sent to the Senate by President Bola Ahmed Tinubu asking for the confirmation of the members of the committee.
Since he was appointed CBN Governor last year, Cardoso has not held any MPC meeting, he later agreed to hold one by the end of February, even though he also stated that under his watch as CBN boss, MPC would not be held monthly.
Therefore, Tinubu’s letter is coming few days to the maiden MPC of the Cardoso-led CBN, to be held between February 26 and 27.
The letter for the confirmation of the new MPC members was read on the flour of the Senate by Godswill Akpabio, the senate president few minutes ago on the floor of the chamber.
It reads in part: “In accordance with the provisions of Section 12 of the Central Bank of Nigeria (CBN) Act 2007, I am pleased to present for confirmation by the Senate the appointments of the under-listed 12 persons as chairman and members of Monetary Policy Committee of the Central Bank of Nigeria.
“Olayemi Cardoso, CBN governor, chairman; Muhammad Sani Abdullahi, CBN deputy governor, member, Bala M. Bello, CBN deputy Governor (member), Emem Usoro, CBN deputy governor (member), Philip Ikeazor, CBN deputy governor (member), Lamido Yuguda, DG Securities and Exchange Commission (member), Lydia Shehu Jafiya, Permanent Secretary, Ministry of Finance (member), Muritala Sabo Sagagi, CBN director (member), Alloycius Uche Odu (member), Aku Pullen Odukemelu (member), Mustapha Akinwunmi (Member) and Bamidele A.G. Amuh (member).”
According to checks from the apex bank website, the 2024 MPC meetings have been scheduled for February, March, May, July, September and November 2024.
