It depends on the NX-OS version you have running the MCQ funtionality is available after this release 5.1(3)N2(1) on the Nexus, also if you are getting an issue like "ERROR: QoS Policy on VLAN not allowed,please set interface QoS limit first.", you will need to modify the TCAM limit first:
That was really helpful. But I can apply policy only in one direction (input) . Since i am trying to limit the bandwidth on both direction i need apply the policy in both inbound and outbound direction.