CBN Set to Sack MPC Members Ahead of Important Policy Meeting

• The CBN has revealed its intention to replace the external members of the monetary policy committee
• This is coming just a few weeks ahead of the scheduled date for the MPC meeting after months of suspension
• The members said they had yet to hear from the CBN nor were included in customary planning before the meeting

Legit.ng o journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.

As part of an ongoing reorganization, Nigeria's central bank intends to replace the external members of its monetary policy committee.

The members claim they have been excluded ahead of a meeting scheduled for next month.

A spokesperson for the central bank stated that new independent MPC members would soon be appointed, but she did not provide any other information.

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This came after Legit.ng reported that the CBN had unveiled its calendar for the monetary policy Committee meeting for 2024 after six months.

This will be the apex bank's first meeting since July 2023 and the first under Yemi Cardoso since assuming office as CBN governor.

Members have not been paid

Speaking anonymously, Bloomberg reported that four of the five external members of the 12-seat MPC stated that they had not been paid since August.

They told the news agency they last heard from the central bank in September.

They also said they had not been included in the customary planning of the February 26–27 meeting.

The present external members stated they had not received an invitation to the meeting and did not anticipate being there.

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Cardoso is expected by economists to dramatically boost interest rates at the MPC's first meeting since July, when it increased the policy benchmark to 18.75%.

The NBS data showed that inflation has surged and reached a three-decade high of 28.9% in December.

Omobola Adu, an economist at BancTrust & Co. said:

“Holding February’s MPC meeting without any independent member would likely raise questions concerning the credibility of the decision. Having external members reduces the bias that the central bank can be influenced by internal or political pressures.”

List of sectors that allegedly received $347bn FX from CBN

Legit.ng reported that the Economic and Financial Crimes Commission has begun an investigation into at least $347 billion issued to several companies between January 2014 and June 2023.

This followed new investigations that saw the anti-graft agency extend its forex allocation probe to include some foreign firms operating in Nigeria.

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This occurred in the context of the EFCC's investigation into foreign exchange allocations to the Dangote Group and fifty-one other companies under the direct supervision of Godwin Emefiele, the former governor of the Central Bank of Nigeria.

Source: Legit.ng