BANGKOK — Central Bank of Nigeria Governor Olayemi Cardoso has said the Monetary Policy Committee's surprise decision in September to cut the benchmark rate from 26.5 per cent to 23 per cent was meant to fix a faulty transmission of monetary policy to the economy. Speaking at a session titled "How Central Banks Decide" during the IMF and World Bank meetings, he cited reserves at an 18-year high, steadily falling inflation and reasonable growth. He credited a memorandum of understanding between fiscal and monetary authorities and a new overnight financing rate for clearer signals to the market. Cardoso said the 12-member committee includes five external members chosen for their independence to prevent groupthink. He said he does not hold separate meetings with internal members, that all members receive data in advance, and that external members may consult outside experts.