The Central Bank of Nigeria’s Monetary Policy Committee (MPC) nominees have pledged to resolve the country’s foreign exchange and food challenges. President Bola Tinubu recently submitted the nominees’ names to the Senate for approval.
The Senate Committee on Banking, Insurance, and Other Financial Institutions, led by Senator Adetokunbo Abiru, APC Lagos East, conducted the screening of six nominees. They discussed urgent measures to tackle forex volatility and the food crisis during the session ahead of the upcoming MPC meeting.
Lamido Yuguda, the Director General of the Securities and Exchange Commission (SEC), emphasized that the current value of the Naira does not reflect its actual worth and expressed optimism that the MPC, once inaugurated, would collaborate with stakeholders to stabilize it.
Dr. Mustapha Akinkunmi, the nominee from Lagos State, proposed targeting the exchange rate, asserting that the current focus on inflation has yielded limited results. He highlighted the need for proactive measures to address the Naira’s volatility, suggesting that aggressive exchange rate targeting could bolster productivity and stabilize the currency.
Mrs. Aku Odinkemelu, nominee from Imo State, stressed that enhancing productivity is vital to mitigating Naira volatility and food inflation. The nominees also included Professor Murtala Sagagi from Kano State, Bamidele Amoo from Kwara State, and Aloysius Uche Ordu, with extensive experience at the World Bank and African Development Bank (AfDB).
Senator Abiru underscored the significance of the nominees’ screening before the impending MPC meeting. He expressed the public’s anticipation for solutions to the surging inflation, Naira instability in the FOREX market, and overall economic revival in Nigeria.
