Senate Reverses Decision Not To Screen CBN Board

Channels Television  
Updated March 13, 2018

 

The Senate has decided to reverse its earlier decision not to confirm any nominee from President Muhammadu Buhari, whose office is not expressly stated in the Constitution.

At legislative proceedings, the Senate decided to make concessions by screening for confirmation nominees for the position of Deputy Governor of CBN and members of the Monetary Policy Committee of the CBN.

The Senate is taking this decision after a Federal Lawmaker Senator Rafiu Ibrahim, appealed to the lawmakers to confirm the nominees for the position of Deputy Governor of CBN and members of the Monetary Policy Committee of the CBN.

He explained that MPC has been unable to hold its meeting because it does not have the required number of members to form a quorum and this has had adverse effects on the economy.

The CBN could not hold the meeting in January this year, due to the Senate’s refusal to approve the critical committee needed to form a quorum as stipulated in the CBN Act of 2007.

However, the CBN governor, Godwin Emefiele, said last month that the CBN may reduce its benchmark from a record-high 14 percent before July if inflation drops closer to single digits.