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At Last, Senate to Screen CBN Deputy Governor, MPC Nominees

By Dipo Olowookere

After much delay, the Senate has finally agreed to screen nominees of President Muhammadu Buhari for the position of Deputy Governor of the Central Bank of Nigeria (CBN).

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

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At the plenary on Tuesday, a member of the Senate, Mr Rafiu Ibrahim, raised a point of order at the plenary today, urging his colleagues to consider the nominees.

Mr Ibrahim, who doubles as Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, pointed out that the refusal of the red chamber to screen and confirm the nominees was having a negative effect on the nation’s economy.

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“My distinguished colleagues, the non-confirmation of the Deputy Governors of the CBN and members of the MPC was having a negative effect on the economy.

“This has also affected foreign investments into the country and has not made the CBN seat to make monetary decisions to propel the economy,” the Senator said.

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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.

More details shortly.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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