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Monetary Policy Committees

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Monetary Policy Committees are:-

  1. Monetary Policy Committee (MPC)
  2. Monetary Policy Technical Committee (MPTC)
  3. Monetary Policy Implementation Committee (MPIC)
  4. Monetary Policy Forum

Monetary Policy Committee (MPC)


  1. Olayemi Cardoso Governor and Chairman
  2. Bala Moh’d Bello DG, Corporate Services, Member
  3. Muhammad Sani. Abdullahi DG, Economic Policy, Member
  4. Philip Ikeazor DG, Financial System Stability, Member
  5. Emem Usoro DG, Operations, Member
  6. Murtala Sabo Sagagi Member
  7. Yuguda Lamido Abubakar Member
  8. Aloysius Uche Ordu Member
  9. Aku Pauline Odinkemelu Member
  10. Mustapha Akinkunmi Member
  11. Bandele A.G. Amoo Member
  12. Jafiya Lydia Shehu Member

Monetary Policy Committee Reconstituted

Following the passage of the new Central Bank of Nigeria Act (2007) into law by the National Assembly, the Monetary Policy Committee has been reconstituted.

Section 12

  1.  of the CBN Act (2007) states inter alia:
    In order to facilitate the attainment of the objective of price stability and to support the economic policy of the Federal Government, there shall be a Committee of the Bank known as the Monetary Policy Committee (in this Act referred to as “the MPC”).

  2. The MPC shall consist of:

    • The Governor of the Bank who shall be the Chairman;
    • The four Deputy Governors of the Bank;
    • Two members of the Board of Directors of the Bank;
    • Three members appointed by the President
    • Two members appointed by the Governor

  3. the MPC shall have responsibility within the Bank for formulating monetary and credit policy.

The Monetary Policy Committee 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.
  • 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 bi-monthly, except otherwise, in the event of an emergency.

Monetary Policy Technical Committee (MPTC)


  1. Deputy Governor, Economic Policy, Chairman
  2. Director, Monetary Policy Department, Member
  3. Director, Banking Supervision Department, Member
  4. Director, Development Finance Department, Member
  5. Director, Financial Markets Department, Member
  6. Director, Financial Policy & Regulation Department, Member
  7. Director, Research Department, Member
  8. Director, Reserve Management Department, Member
  9. Director, Risk Management Department, Member
  10. Director, Statistics Department, Member
  11. Director, Other Financial Institutions Supervision Department, Member
  12. Director, Trade & Exchange Department, Member
  13. Special Adviser to the Governor (Economic and Financial Matters), Member


  • Review periodic global and domestic economic developments and their likely impact on price stability and economic growth.
  • Maintain a broad surveillance of emerging risks and review forecasts of global and domestic price development and output growth.
  • Prepare technical recommendations to the MPC based on their analysis of the impact of these developments.

The MPTC meets once every month to review emerging risks and developments in the global and domestic economies. Following these meetings, the MPTC presents technical recommendations to the Committee of Governors and the Monetary Policy Technical Committee.

Monetary Policy Implementation Committee (MPIC)

The Monetary Policy Implementation Committee (MPIC) was established at the 192nd meeting of the Monetary Policy Committee (MPC) on 25th October, 2005. At inception, the membership of the Committee included the Deputy Governor (Economic Policy) as the Chairman, the Directors of Research and Statistics and Banking Operations Departments. The Monetary Policy Committee Secretariat which later in November, 2005, formed part of the new Monetary Policy Department serves as the Secretariat.

At its second meeting on 31/10/05, the membership was expanded to include the Directors of Banking Supervision, Trade &Exchange and Information Technology Departments. At its 10th meeting, the MPIC decided that the Director, Currency and Branch Operations Department be invited to guide the Committee on decisions and developments affecting Currency-In-Circulation (CIC). Ever since, the Committee has undergone various re-constitutions to accommodate new members.


  1. Deputy Governor (Economic Policy), Chairman
  2. Director, Monetary Policy Department, Member
  3. Director, Financial Market Department, Member
  4. Director, Reserve Management Department, Member
  5. Director, Currency Operations Department, Member
  6. Director, Banking Supervision Department, Member
  7. Director, Banking Services Department, Member
  8. Director, Trade and Exchange Department, Member
  9. Director, Financial Policy and Regulation Department, Member
  10. Director, Research Department, Member
  11. Director, Statistics Department, Member

The mandates of the MPIC include:

  • Review the level of banking system liquidity to ensure that it’s in tandem with the Bank’s liquidity objectives for non-inflationary growth.
  • Review the performance of monetary aggregates with respect to their benchmarks.
  • Review the Bank’s discount window operations to ensure the effective functioning of the money market.
  • Review the prudential requirements of deposit money banks and the returns on their daily activities.
  • Review fiscal operations and analyze their impact on system liquidity.
  • Review developments in the Capital Market, External Reserves and Foreign Exchange Market.
  • Identify critical monetary policy issues emanating from the analysis presented by member departments at the Committee’s monthly meeting.

The MPIC meets monthly to provide advice to the Bank’s Management on general liquidity conditions in the economy and performance of financial markets. The inaugural meeting was held on 27th October, 2005. Since then, the MPIC has been meeting regularly.

Read Frequently Asked Questions (FAQs) on Monetary Policy

Facts : 3/1/1970
ORGANISATION AND GROWTH:In March, 1970, the Board of Directors employed the services of W.H. Rozell (Junior), a consultant, to, among other things, review the existing structure and size of the Bank Departments. In the same year, Rozell proposed a new organisational structure for the CBN.
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