Monetary Policy Crisis Imminent In Nigeria Over Lawmakers’ Insistence On Sack Of EFCC boss

Nigeria could face a monetary policy crisis by the end of this week if the National Assembly fails to approve the nomination of a member of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) long pending, including that of a deputy governor of the bank.

The MPC, statutorily, is expected to meet exactly a week from now (January 22 and 23) but the inability to form a quorum for the meeting may force its postponement.

Only five members are in the MPC at the moment, but six members are required to form a quorum out of its 12 members, as defined by the second schedule of the CBN Act.

Two deputy governors – Sarah Alade, who was Deputy Governor for Economic Policy, and Sulemain Barau, who was Deputy Governor, Operations – had earlier retired in March and December 2017, respectively.

Another Deputy Governor, Adebayo Adelabu (Corporate Services), has served notice of disengagement ahead of the 2019 governorship election in Oyo State.

Read more https://independent.ng/monetary-policy-crisis-imminent/

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