Senate Reverses Decision Not To Screen CBN Board

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"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 to be screened are nominees for membership of the Monetary Policy Committee (MPC) sent to the upper parliament for confirmation.

The resolution of the Senate was sequel to a point of order by Chairman, Senate Committee on Banking and Other Financial Institutions, Senator Rafiu Ibrahim (APC, Kwara South), who pleaded that the non-composition of the board was affecting the economy, stressing that the board could not meet for lack of quorum.

He explained that MPC has been unable to hold its meeting because it does not have the required number of members to form a quorum and this has had adverse effects on the economy.

Senate made the U-turn to allow a proper composition of the Monetary Policy Committee (MPC) ahead of its next meeting scheduled for March 19 and 20.

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‎"As at today, only three of them are valid".

Consequently, the MPC has just four members now, out of 12 positions. "Nearly all other members, their tenure expired by December past year and that culminated into the MPC meeting not being held in January 22nd and 23rd and the next meeting is March 19 and 20", he stressed. "Some foreign portfolio investments are already leaving, some that are supposed to come, are not coming", he said. The upper chamber had in January embargoed subsequent confirmation of nominees from the presidency pending when the impasse on whether or not it has certain constitutional powers to confirm some nominees was resolved.

Seconding the motion, the Deputy Majority Leader, Senator Bala Ibn Na'Allah, said he was happy that the Senate had the commitment to cooperate fully with the Federal Government on everything relating to the economy and good governance of the country.

The President of the Senate, Dr Bukola Saraki, gave the committee one week to consider the requests.