MPC quorum: Senate Considers CBN Nominees
Posted: 14/Mar/2018

The Senate has resolved to screen President Muhammadu Buhari’s nominees for the Central Bank of Nigeria (CBN).

The resolution of the Senate followed a motion sponsored by Rafiu Ibrahim, senator representing Kwara south.

If confirmed, the all-important Monetary Policy Committee (MPC) will hold its first meeting in 2018.

The committee was not able to meet in January because it could not form quorum as a result of the Senate’s refusal to confirm nominees for the 12-man committee.
The review of economic and financial conditions in the economy and determining appropriate stance of policy in the short to medium term are among the functions of the MPC.

Speaking on the floor the Senate yesterday, Ibrahim said the failure of the MPC to meet has affected foreign direct investment (FDI) to Nigeria.

“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.

“I rise to ask that the Senate do consider the possibility of us taking the very important aspect of the economy which is the monetary policy committee. The MPC is made up of 12 members; about seven from the private sector and five inside the central bank.

“As of today, only three of them are valid. Almost all other members, their tenure expired in December last year and culminated in the MPC meeting not being held in January (22nd and 23rd) and the next meeting is March 19 &20.

Source: The Nation News

Category: News

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