Monakana, 20, is a former Arsenal trainee, who joined North End from the Gunners in 2012.
He spent the first half of this season on loan at Colchester, and has now signed for Albion on a development contract until June 2015.
Albion's head of football operations David Burke told the club's website: "Jeffrey fits the criteria for the type of player we want to bring for the development group.
"He has a good grounding, good attitude and has the added bonus of more than 40 senior games at League One level with Preston and Colchester.
"A quick and powerful winger, Jeffrey is comfortable operating on either the left or right side.
"He has a year and a half left at under-21 level, and his challenge now is to make the transition from our development group into the first-team squad."