Economy

Ahead April 3 Meeting, Senate Clears 2 CBN Deputy Govs, 3 MPC Members, Rejects 1

Nigeria’s upper legislative chamber- the Senate, on Thursday approved the appointment Mrs. Aisha Ahmad and of Edward Lametek Adamu as Deputy Governors of the Central Bank of Nigeria (CBN), and three of the four Monetary Policy Committee (MPC) members nominated by President Muhammadu Buhari.
Despite the Senate’s decision to withhold the approval of the fourth MPC, the two-day meeting at which the nation’s benchmark Monetary Policy Rate (MPC) is fixed is expected to open on April 3 as announced by Godwin Emefiele, the CBN Governor.
Considering the report of the Committee on Banking, Insurance and other Financial Institutions, presented by Senator Rafiu Adebayo, Senate President Bukola Saraki said Aisha Ahmad and Edward Lametek Adamu had been confirmed as deputy governors, while Prof. Festus Adenikinju, Aliyu Rafindadi Sanusi and Robert Chinwendu Asogwa had been appointed to the MPC.
The Senate however rejected the nomination of Asheikh Maidugu, urging the President to expedite action and present a replacement for screening.
Dr. Saraki, while thanking the committee members and wishing the MPC members a fruitful and successful tenure, noted that the “exercise will allow the Central Bank to continue to play its role in providing stability in our economy.”
On the comment by the Senate Leader, Senator Ahmed Lawan, that the MPC is not fully constituted because of the rejected nominee, Senator Saraki said the issue will be revisited when the Senate reconvenes next week.
Commenting specifically on Edward Adamu who was appointed Deputy Governor from his position as Director, Human Resources at the apex bank, Saraki said such “will be great encouragement to the staff of the CBN who will see one of their own in this position. I am sure it will boost the morale within the institution.”
While also congratulating Mrs. Ahmad, he said “the two new Deputy Governors of the CBN are coming at a time when the economy is a major issue. We have just come out of a recession and we need to continue with our economic growth and see the sustainability of the foreign exchange and other related challenges.
“We hope that the new new Deputy Governors will work with the Governor to move the country and our economy in the right direction,” he stressed.
He urged the CBN management to continue working closely with the National Assembly to update the nation’s legislators “on the progress that is achieved.”

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