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During a session on Wednesday, the Senate Committee on Banking, Insurance, and Other Financial Institutions grilled nominees for membership of the Central Bank of Nigeria’s Monetary Policy Committee (MPC) regarding the ongoing forex crisis and food scarcity in the country.
The nominees, forwarded by President Bola Tinubu for confirmation, faced questions from the committee regarding urgent solutions to address forex volatility and the persistent food crisis. Among those grilled was Lamido Yuguda, the Director-General of the Securities and Exchange Commission (SEC), who highlighted the need for the SEC’s representation in monetary policy decisions to stabilize the national currency.
Yuguda emphasized that the current value of the Naira does not reflect its intrinsic worth, urging the MPC to collaborate with stakeholders to restore its purchasing power.
Dr. Mustapha Akinkunmi, representing Lagos State, proposed targeting the exchange rate as a proactive measure to address Naira volatility, rather than solely focusing on inflation. He stressed the importance of enhancing productivity in food production and distribution to mitigate food inflation.
Similarly, Mrs. Aku Odinkemelu, a nominee from Imo State, emphasized the significance of productivity in curbing Naira volatility and food inflation.
Other nominees, including Prof. Murtala Sagagi (Kano State), Bamidele Amoo (Kwara State), and Aloysius Ordu, who has extensive experience with the World Bank and the African Development Bank, were also grilled by the committee.
In his closing remarks, Senator Tokunbo Abiru, the committee’s chairman, highlighted the urgency of the nominees’ screening ahead of the upcoming MPC meeting. He underscored the expectations of Nigerians for solutions to rising inflation rates, forex market volatility, and overall economic revitalization following the meeting.
