The senate this afternoon has approved the appointment of the 12 member CBN monetary policy committee sent earlier by President Bola Tinubu.
The Senate’s confirmation follows a report by its Finance, Banking, Insurance, and Other Financial Institutions Committee, which declared the nominees worthy of the office.
The apex bank’s monetary policy committee is chaired by its governor, Yemi Cardoso, and has 11 other members.
Others are:
Muhammad Abdullahi, CBN Deputy Governor (Member); Bala Bello, CBN Deputy Governor (Member); Emem Usoro, CBN Deputy Governor (Member); Philip Ikeazor, CBN Deputy Governor (Member).
Lamido Yuguda, Director General of the Security and Exchange Commission (SEC) (Member); Jafia Lydia Shehu, Permanent Secretary of the Federal Ministry of Finance (Member); Muritala Sabo, CBN Director (Member); Aloysius Uche (Member); Agu Paulin (Member); Mustapha Akinwumi (Member); Bamidele Amon (Member)
President Bola Tinubu has previously asked the Senate confirmation for the appointment of a Chairman and Members of the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC).
His appeal was made in a letter written to Senate President Godswill Akpiabio. The document’s title is “Constitution of Monetary Policy Committee for the Central Bank of Nigeria (CBN).”
A few weeks ago, the central bank stopped paying the external members of the Monetary Policy Committee (MPC), which was widely seen as their effective firing. According to further reports, the President plans to select a new MPC in due course.
Additionally, the Central Bank of Nigeria (CBN) scheduled its first MPC meeting in nearly eight months for February 26th and 27th. This will be the first meeting under the leadership of Mr. Yemi Cardoso and his team. During its most recent meeting, the MPC raised the interest rate to 18.75%.