Senate Makes U-turn, Approves Nominees For CBN Deputy Gov, MPC Members

A cross section of the Nigerian Senate

The Senate has lifted its embargo on the approval of the nominees for the positions of Deputy Governor of the Central Bank of Nigeria and members of the Monetary Policy Committee.

The decision was made during plenary on Tuesday.

Senator Rafiu Ibrahim, Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, who raised a point of order said the non-confirmation of the deputy governors of the CBN and members of the MPC was negatively affecting the economy.

He urged his colleagues to lift their embargo on confirmation of appointments by President Muhammadu Buhari.

The lawmakers unanimously granted the request.

On July 4, the senate said it would suspend all executive confirmation requests until Ibrahim Magu is removed as the acting chairman of the Economic and Financial Crimes Commission (EFCC).

The senate had refused to confirm Magu over allegations of corruption. He has remained in an acting position for the past two years.

The MPC committee comprises of CBN governor, the four deputy governors of the apex bank; two members of the board of directors of the CBN; three members appointed by the president; and two members appointed by the governor of the bank.

In October 2017, President Muhammadu Buhari nominated Aisha Ahmad as a deputy governor of the CBN to replace Sarah Alade, who retired from the bank in June.

Adeola Adenikinju, Aliyu Sanusi, Robert Asogwa and Asheikh Maidugu were also nominated as members to fill the positions of four others whose tenure were to expire at the end of 2017.

Recall that Godwin Emefiele, Governor, Central Bank of Nigeria (CBN), had in January allayed fears over to the inability of the Central Bank of Nigeria (CBN) to hold its January 2018 Monetary Policy Committee (MPC) meeting.

The meeting scheduled for 22-23 January, did not hold due to the inability of the apex Bank to form a quorum as specified in the CBN Act 2007.

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