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

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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.

Senator Ibrahim said the MPC was a creation of the CBN Act and was autonomous, adding that the committee was not run by the board of the apex bank but that each meeting of the committee which was held after every two months, bothered on the economy.

The Senate has approved that the nominees for the positions of Deputy Governor of the Central Bank of Nigeria and members of the Monetary Policy Committee be screened for confirmation.

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

At the moment, only three members are valid.

Consequently, the MPC has just four members now, out of 12 positions.

The upper chamber stressed that lack of composition, however, led to the MPC meeting not being held January 22 and 23, with the next meeting fixed for March 19 and 20. "Some foreign portfolio investments are already leaving, some that are supposed to come, are not coming", he said.

Also contributing, Deputy Senate President, Dr Ike Ekweremadu, said: "A wise man is a man who has to change his mind if he has to".

Rafiu Ibrahim, the head of the Senate's banking committee, brought a motion on Tuesday urging parliament to consider Buhari's nominations. This has been a chamber that has always been for the economy and for us to do all it takes to ensure that we see investments, ease of doing business and give confidence; and that is what we are doing here.