The senate this afternoon has approved the appointment of the 12 member CBN monetary policy committee sent earlier by President Bola Tinubu.
The approval by the senate comes after the report by its committee on Finance, Banking, Insurance, and other Financial Institutions found the nominees worthy of the office.
Members of the apex bank’s committee on monetary policy comprise of its Governor- Yemi Cardoso as Chairman, and 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)
Backstory
President Bola Tinubu had earlier 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. The letter is titled “Constitution of Monetary Policy Committee for the Central Bank of Nigeria (CBN).”
Recommended reading: Tinubu’s preference for lower interest rates to test CBN’s stance on tightening monetary policy
What you should know
A few weeks ago, the central bank ceased payments to the external members of the Monetary Policy Committee (MPC), a decision that was widely seen as their effective dismissal. Subsequent reports indicated that the President intends to nominate a new MPC in due course.
Also, the Central Bank of Nigeria (CBN) had planned its first MPC meeting in nearly eight months for February 26th and 27th. This meeting will mark the first under the guidance of Mr. Yemi Cardoso and his team. During its last session, the MPC elevated the interest rate to the current level of 18.75%.
Recommended reading: New CBN Circular aims to curb Banks’ forex speculation, issues guidelines to stop it
