For urgent way out from Naira volatility and food security bedeviling the Nation’s economy now, the Senate, Wednesday , subjected nominees for membership of Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to thorough drilling.
President Bola Tinubu had last week forwarded to the Senate for confirmation, names of nominees into the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN).
In given the request expeditious consideration and ahead of MPC meeting slated for Monday next week, the Senate through its Committee on Banking, Insurance and other Financial Institutions, drilled six out of the nominees with questions on required urgent solutions to forex volatility and food crisis.
First to face the committee, was the Director – General of Securities and Exchange Commission (SEC) , Alhaji Lamido Yuguda who informed the committee that his nomination into MPC, would give SEC, the needed voice in monetary policy.
He lamented that the value of the Naira as it is today, is not real, having lost its intrinsic value but that the MPC, when inaugurated on Monday, would join other stakeholders, to get it stabilised.
“Value of any currency is measured by the goods and services that it can buy , the Naira as it is today, does not posses that value sufficiently which is being critically looked into,” he said.
In his own submission, the nominee from Lagos State, Dr Mustapha Akinkunmi, said the way out now is to target the Exchange rate and not Inflation as being done without much result.
“More proactive way of addressing the Naira volatility problem at hand , is for the CBN to target the exchange rate itself and not Inflation.
“The Inflation the country is facing now, is largely that of food inflation, which is beyond CBN but for the entire country.
“Production and distribution of food commodities across the country , would help to reduce the Food Inflation, while aggressive target of Exchange rate, would help to stabilize the Naira with required increase in productivity,” he said.
In similar submission, the nominee from Imo state, Mrs Aku Odinkemelu, said productivity is the key for arresting the volatility of Naira and food inflation.
Other nominees, drilled at the session by the committee, were Professor Murtala Sagagi from Kano State, Bamidele Amoo from Kwara State and Alloysius Uche Ordu , who worked with the World Bank and Africa Development Bank for 30 years at different times.
In his closing remarks, the Chairman of the Committee , Senator Tokunbo Abiru (APC Lagos East), told the nominees that their screening was done ahead of MPC meeting slated Monday February 25, 2025 by CBN.
He said what Nigerians expect to come after the meeting, are solutions to the rising inflation rate , worsening Naira volatility in the FOREX market and rejuvenation of the economy generally .
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