Senate begins confirmation of CBN's MPC nominees

Sheri Evans
March 15, 2018

The Upper Legislative Chamber reached the resolution after considering and adopting a motion sponsored by Senator Rafiu Ibrahim, representing Kwara south on the platform of the All Progressives Congress, APC.‎.

"We will also consider the nomination of the two deputy governors of Central Bank (CBN) who are also members of the MPC so that the Nigerian economy will receive the necessary technical input to ensure that we sustain the growth of our economy", he said.

Also worrisome was the fact that there appears to be no comprehensive and accurate data on the exact number of treaties entered by the country since independence.Meanwhile, the Senate has resolved to confirm nominees for the Monetary Policy Committee, MPC, following its importance to the economy of the country.

Recall that Godwin Emefiele, Governor, Central Bank of Nigeria (CBN), had in January allayed fears over to the inability of the Central Bank of Nigeria (CBN) to hold its January 2018 Monetary Policy Committee (MPC) meeting.

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At the moment, only three members are valid.

"I rise on the issue pertaining to a very significant aspect of the country's economy, knowing that the 8th senate is pro-economy, pro-foreign direct investment, pro-foreign controlling investment", the senator said. Nearly all other members, their tenure expired by December a year ago and that culminated in the MPC meeting not held on January 22 and 23; and the next meeting is March 19 and 20.

The nominated members of the MPC are Prof.

Senate President, Dr Bukola Saraki, who gave the directive, following an executive communication that the members be screened and subsequently confirmed, asked the committee to carry out the assignment and report back at plenary in the next one week. "Some foreign portfolio investors are already leaving, while some that are supposed to come are not coming".

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