President Bola Tinubu has formally requested the Senate’s confirmation for the appointment of a Chairman and Members to the Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC).
His request was conveyed in a letter addressed to Senate President Godswill Akpiabio, which was read during Wednesday’s plenary session. The letter is titled “Constitution of Monetary Policy Committee for the Central Bank of Nigeria (CBN).”
- The letter reads, “in accordance with the provisions of section 12 of CBN Act 2007. I am pleased to present for confirmation by the Senate the confirmation of the underlisted 12 persons as Chairman and members of the Monetary Policy Committee of the Central Bank of Nigeria.”
Members of the CBN Monetary Policy Committee (MPC)
In the letter, Tinubu sent the 12 persons as follows: Olayemi Cardoso, CBN Governor (Chairman);
- Muhammad Abdullahi, CBN Deputy Governor (Member);
- Bala Bello, CBN Deputy Governor (Member);
- Emem Usoro, CBN Deputy Governor (Member);
- Philip Ikeazor, CBN Deputy Governor (Member).
Other appointees include 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).
After reading the letter, the Senate President, Godswill Akpabio, promptly referred the request to the Committees on Finance, Banking, Insurance, and other Financial Institutions for additional legislative scrutiny.
The committees are expected to provide their findings and report back to plenary within one week.
Backstory
The apex bank a few weeks ago stopped paying the external members of the MPC- a move many interpreted as having relieved them of their duties. The report then stated that the President will appoint a new MPC with time.
The CBN had earlier scheduled its first MPC meeting in almost 8 months for February 26th and 27th. It would be the first MPC meeting under the leadership of Mr. Yemi Cardoso and his team. In the last MPC meeting of the bank, it raised interest rate to the current 18.75%.
