Central Bank MPC nominees suggests ways to solve forex , food crisis soon

Central Bank of Nigeria

…as Senate C’mmtte sets to confirm appointees

By Tunde Opalana

Nominees for membership of the Monetary Policy Committee ( MPC ) , of the Central Bank of Nigeria ( CBN) have promised to bring to bear their wealth of experiences in solving teething fluctuation in exchange rate and food crisis bedeviling the nation if their nominations are confirmed by the Senate.

The six nominees who on Wednesday appeared before the Senate Committee on Banking, Insurance and Financial Institutions suggested ways of helping stabilizing the nation’s economy.

Screening of the MPC members was expeditiously done ahead of Monday meeting of the Committee.

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A nominee, Alhaji Lamido Yuguda, Director – General of Securities and Exchange Commission ( SEC) , 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 stabilized .

“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 .

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 next week 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 .

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) .

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