CBN's MPC nominees: Senate orders committee to begin confirmation

CBN's MPC nominees: Senate orders committee to begin confirmation

CBN's MPC nominees: Senate orders committee to begin confirmation

The central bank was unable to hold its first MPC meeting in January because they could not form a quorum as a result of non-confirmation of members of the committee.

ABUJA-THE Senate, yesterday, made U-turn on its earlier position not to screen nominees for Central Bank of Nigeria, CBN, Board.

The Senate disagreed with the president about its powers to confirm - or deny - his nominees to key government posts, a disagreement that has kept several prospective members of Nigeria's Monetary Policy Committee (MPC) from being approved.

The MPC of CBN is responsible for formulating the country's monetary and credit policy.

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Senate is disturbed that the impasse is having a toll on the Nigerian economy with significant damage on Foreign Direct Investment (FDI) and foreign portfolio investments exiting the country.

Adeola Adenikinju, Dr Aliyu Sanusi, Dr Robert Asogwa and Dr Asheikh Maidugu.The Senate would also consider Buhari's request that Mrs Aisha Ahmad and Mr Edward Adamu be confirmed as CBN Deputy Governors.

The MPC is made up of 12 members; seven from the private sector and five from the Central Bank.

"As it is today, it's already affecting the foreign direct investment in Nigeria".

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The lawmaker called for a concession in order to do the confirmation process for the two deputy governors and four other members of the MPC. Moving for the adoption of the request, the Senate Leader, Sen.

The Deputy President of the Senate, Ike Ekweremadu, also backed the call for lifting of the suspension on the CBN appointments.

"I believe that it is important that we make this exception so that our economy will not collapse and the global community will continue to have confidence in our economy".

Rafiu Ibrahim, the head of the Senate's banking committee, brought a motion on Tuesday urging parliament to consider Buhari's nominations. And to also ensure we support the executive in walking the economy out of recession.

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