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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. Godwin I. Emefiele, Governor, Central Bank of Nigeria, Chairman
  2. Aisha N. Ahmad, Deputy Governor, Financial System Stability, Central Bank of Nigeria, Member
  3. Edward L. Adamu, Deputy Governor, Corporate Services, Central Bank of Nigeria, Member
  4. Folashodun A. Shonubi, Deputy Governor, Operations, Central Bank of Nigeria, Member
  5. Kingsley I. Obiora, Deputy Governor, Economic Policy, Central Bank of Nigeria, Member
  6. Festus A. Adenikinju, Professor of Economics, University of Ibadan, Member
  7. Aliyu R. Sanusi, Associate Professor of Economics, Ahmadu Bello University, Member
  8. Robert C. Asogwa, African Development Bank, Abuja Member
  9. Mike I. Obadan, Professor of Economics, University of Benin Member
  10. Aliyu Ahmed, Permanent Secretary, Federal Ministry of Finance 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.
  • 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.

Monetary Policy Tech. Committee (MPTC)

Composition (Current composition to be updated)


  • To consolidate the inputs of the various Department on monetary issues
  • Review the technical soundness of monetary policy recommendations for the MPC.
  • Review international and domestic economic developments and their likely impact on the Central Bank of Nigeria’s ability to achieve and monitor domestic price stability.

The MPTC meets to review the economic outlook and other presentations of importance from the various departments one week before the meeting of the Monetary Policy Committee. The MPTC formally meets once every quarter in the year.

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. Also, 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. The Director of Finance Department was later invited to join the committee.

Composition (current composition to be updated)

  1. Deputy Governor (Economic Policy) - Chairman
  2. Director, Monetary Policy Department - Member
  3. Director, Research Department - Member
  4. Statistics Department - Member
  5. Director, Banking Operations Department - Member
  6. Director, Finance Department - Member
  7. Director, Trade & Exchange Department - Member
  8. Director, Banking Supervision - Member
  9. Director, Currency and Branch Operations Department - Member
  10. Director, Information Technology Department - Member
  11. Special Adviser to the Governor (Economic Matters) - Member

The mandates of the MPIC include:

  • Determining/projecting the daily injection/withdrawal of liquidity through the CBN
  • Forecasting the daily liquidity gap
  • Designing the strategy for closing the liquidity gap
  • Identifying specific instruments to be used in closing the liquidity gap

The MPIC holds its meeting every other day to advice the Governor on how to achieve the broad money (M2) target. 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 : 7/1/1959
BOARD OF DIRECTORS:The Management of the CBN is placed under a Board of Directors which is responsible for the Policy and General administration of the Affairs and Business of the Bank.Under the original statute,the Board was composed of the Governor as Chairman,a Deputy Governor and Five other Directors all of whom were appointed by the Federal Government.
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