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.

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