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Nigerian parliament confirms three monetary policy committee members, CBN deputy governors

With the development, Nigeria's central bank can hold its first Monetary Policy Committee meeting in 2018

The MPC is a statutory body of the Central Bank of Nigeria in charge of formulating monetary policy for the country. Its decisions cover issues such as interest rate, exchange rate and other matters that affect investment climate of Nigeria.

The lawmaking body confirmed Prof Adeola Adenikinju, Dr Aliyu Sanusi,Dr Robert Asogwa while Dr Asheikh Maidugu was rejected.

Senator Rafiu Adebayo, Chairman of the Senate Committee on Banking, Insurance and other Financial Institutions, while submitting the report of the screening said Dr Asheikh A. Maidugu failed as 'they were not satisfied with his responses to their questions.'

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Aishah Ahmad and Edward Lametek Adamu were also confirmed as deputy governors of the Central Bank of Nigeria

The leader of the parliament, Dr Bukola Saraki thanked the Committee Chairman and its members, saying the exercise will allow the Central Bank to continue to play its role in providing stability in the country.

"I wish the members of the Monetary Policy Committee (MPC) a fruitful and successful tenure."

“The executive might have to expedite action in sending a replacement for the rejected MPC nominee," Saraki said.

He said the parliament will come back next week to revisit the issue of the rejected candidate.

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With this development, the Central Bank of Nigeria can now form a quorum to hold its Monetary Policy Committee meeting the first week in April.

The Second Schedule of the CBN Act (Section 12(5) and 54, stipulates that the MPC shall meet at least four times in a year and that the quorum shall be six members; two of whom shall be the Governor and a Deputy Governor or two Deputy Governors.

Godwin Emefiele, governor of the CBN had in an interview with CNBC Africa on Thursday, March 15, 2018, expressed optimism that the MPC meeting will certainly hold by the first week in April.

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