CBN’s MPC Nominees assure Nigerians on way out of Forex , food crisis soon

…As Senate puts them under fire
From Lateef Taiwo

For urgent way out from Naira volatility and food security bedeviling the Nation’s economy now , the Senate Wednesday , subjected nominees for membership of Monetary Policy Committee ( MPC ) , of the Central Bank of Nigeria ( CBN) to thorough drilling .

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) .

In given the request expeditious consideration and ahead of MPC meeting slated for Monday next week, 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 face the committee , 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 .

“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 .

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 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 .