• Friday, May 24, 2024
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All set for MPC meeting as Senate confirms Cardoso, 11 others as committee Chair, members

CBN raises rate for third straight time to 26.25% in defence of naira

The Nigerian Senate has confirmed Olayemi Cardoso, governor of the Central Bank (CBN) as Chairman of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN); and 11 others as members.

The members of the MPC confirmed by the Senate include: Mohammed Sani Abdullahi , CBN deputy governor ; Bala Bello, CBN deputy governor; Emem Usoro, CBN deputy governor; and Philip Ikeazor, CBN deputy governor.

Others members are: Lamido Yuguda, director general of the Securities and Exchange Commission (SEC); Jafiya Lydia Shehu, permanent secretary federal ministry of finance; Murtala Sabo Sagagi; Aloysius Uche Ordu; Aku Pauline Odinkemelu; Mustapha Akinwumi; and Bamidele Amoo.

The Senate confirmed the 12 nominees after considering the report of the Committee on Banking, Insurance & Other Financial Institutions presented by Abiru Adetokunbo, Chairman of the Committe during plenary on Thursday.

President Bola Tinubu, had in a letter read on the floor of the Senate during plenary on Wednesday, February 14th sought the confirmation of the nominees, ahead of the MPC meeting next week. The request was then referred to the committe for action.

The MPC is the highest policy making committee of the apex bank with the mandate to: review economic and financial conditions in the economy; determine appropriate stance of policy in the short to medium term; review regularly, the CBN monetary policy framework and adopt changes when necessary.

Adetokunbo, chairman of the Committee, while presenting the report assured that the Chairman and members have the requisite knowledge and experience for the crucial task ahead of them.

He informed that the committe screened six of the 12 nominees on Wednesday, February 21, but did not screen the CBN governor, deputy governors and the permanent secretary of the finance ministry because they were recently screened by the Senate for their current positions.

He added that committee required the curriculum vitae, security clearance , and other neccessary documents form the nominees and found them qualified for the various positions.

“All nominees are experienced in economics and finacial services. Their appointment is accordance with provisions of the CBN Act 2007, and we did not receive any petition against them”, Adetokunbo said.

Contributing to the report, Deputy Senate President Jibrin Barau assured that the committees can execute the task ahead of them.

Osita Izunaso, the Senator representing Imo West pointed out the task ahead of the nominees, stressing that Nigerians are looking up to the to salvage the curent economic crisis in Nigeira

The nominees who were grilled by the Senate yesterday assured Nigerians that they will work to address the foreign exchange crisis as well as food inflation as soon as possible.