The Nigerian Senate has confirmed the nomination of 7 members of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN).
The confirmation of the nominees which was done during plenary on Wednesday followed the consideration of a report of the Committee on Banking, Insurance and Other Financial Institutions.
President Muhammadu Buhari had in a letter to the Senate dated February 23, explained that the confirmation and membership renewal request was made pursuant to Section 12(4) of the Central Bank Act, 2007.
While making a presentation of its report, the Chairman of the committee, Senator Uba Sani (APC-Kaduna), said the nominees possessed the academic qualifications, technical knowledge and professional experience to be members of the monetary policy committee of the CBN.
Sani disclosed that the senate committee on banking did not receive any petition against their nominations, adding that the nominees were all cleared by the Nigeria Police Force and the Department of State State Services (DSS) and possessed the Code of Conduct Bureau acknowledgement slip.
He noted that one of the nominees, Alhaji Aliyu Ahmed is the Permanent Secretary, the Federal Ministry of Finance, Budget and National Planning, and will serve as the representative of the ministry in the monetary policy committee.
List of confirmed members of the MPC
- Those confirmed by the Senate included Prof. Mohammed Adaya Salisu and Dr. Mo’Omamegbe, both of whom are newly appointed members.
- Other five members of the committee for renewal are Prof. Michael Obadan, Prof. Festus Adeola Adenikinju, Prof. Aliyu Sanusi Rafindadi, Dr. Robert Asogwa and Alhaji Aliyu Ahmed.
What you should know
The Monetary Policy Committee has the responsibility within the CBN for formulating monetary and credit policy.
It is the highest policy-making committee of the Bank with the following mandate:
- Review economic and financial conditions in the economy
- Determine appropriate stance of policy in the short to medium term
- Review regularly, the CBN monetary policy framework and adopt changes when necessary.
- Also, communicate monetary/financial policy decisions effectively to the public and ensure the credibility of the model of transmission mechanism of monetary policy.
The MPC meets quarterly, except otherwise, in the event of an emergency.
