Janet Samuel, Abuja
For the best way out of Naira volatility and food security bedeviling the Nation’s economy now , the Senate on Wednesday , subjected nominees for membership of Monetary Policy Committee ( MPC ) , of the Central Bank of Nigeria ( CBN) to a thorough screening
The Senate through its Committee on Banking , Insurance and other Financial Institutions, drilled six out of the nominees with questions on required urgent solutions to forex volatility and food crisis .
First to be screened, was the Director – General of Securities and Exchange Commission ( SEC) , Alhaji Lamido Yuguda who 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 .
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 .
In similar submission , 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 remarks , the Chairman of the Committee , Senator Tokunbo Abiru from 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) .
