MPC: Relief as Senate set to consider CBN’s nominees next week

The Senate President, Mr. Bukola Saraki on Wednesday said the senate will by next week consider a report into nominations for the central bank’s Monetary Policy Committee (MPC)

The move could end an impasse that has halted policy decisions slated earlier this year, due to the Senate holding up some of President Muhammadu Buhari’s nominees for the committee in a political spat which has left it unable since the start of the year to form a quorum to set interest rates.

Lawmakers in the Senate said details of the nominees had been formally referred to the committee on banking.

“Your report should be back in one week”, Senate President Saraki said of the report, to be compiled by the committee.

If lawmakers accept the committee’s report it will be sent to Buhari and the new members can be sworn in.

The Central Bank of Nigeria (CBN) was forced to cancel its rate-setting meeting in January because it was unable to reach a quorum. It meant the headline interest rate was left unchanged at 14 percent, where it has been for more than a year.

However, if the report is submitted next Wednesday the new members will not be in place for the next scheduled meeting of the Monetary Policy Committee, which is due to take place on Monday and Tuesday.