MPC Gears Up For Maiden Meeting Under Cardoso, As Senate Confirms 12 Members

All is set for the maiden Monetary Policy Committee (MPC) under the Olayemi Cardoso-led Central Bank of Nigeria (CBN) as the Senate has confirmed the appointment of 12 persons as members of the committee.

The meeting is slated for February 26-27, 2024.

This confirmation comes after a report of the Committee On Banking, Insurance and other Financial Institutions Committee of the CBN was considered during plenary on Thursday.

The members are Olayemi Cardoso – Chairman, Muhammad Sani Abdullahi, Bala M. Bello, Emem Usoro, Philip Ikeazor and Lamido Yuguda as members.

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Other members are Jafiya Lydia Shehu, Murtala Sabo Sagagi, Aloysius Uche Ordu, Aku Pauline Odinkemelu, Mustapha Akinwumi and Bandele A.G. Amoo

In November 2023, Cardoso, who was newly appointed CBN Governor by President Bola Tinubu in September 2023, had said that the MPC meeting has not been effective under his embattled predecessor, Godwin Emefiele.

“For quite some time, the MPC meeting has not been effective,” he said, adding that the CBN Act 2007 requires that the MPC meeting holds four times a year and the bank has satisfied the requirement for 2023.

“Our focus is on ensuring that these meetings are useful and effective,” he had stressed.