How to get naira stabilised – CBN’s MPC nominees

The Senate on Wednesday screened the nominees for membership of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN).

President Bola Tinubu had last week asked the Senate to confirm the appointment of MPC members. 

The screening panel, chaired by Senator Tokunbo Abiru, grilled six of the nominees by asking them questions about the economy and possible solutions to forex volatility and the food crisis.

The meeting of the MPC has been slated for Monday next week.

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The Director General of Securities and Exchange Commission (SEC), Alhaji Lamido Yuguda, lamented that the naira had lost its intrinsic value.

He, however, said the MPC, when inaugurated next Monday, would join other stakeholders, to get it stabilised.

“The value of any currency is measured by the goods and services that it can buy. The naira as it is today, does not possess that value sufficiently which is being critically looked into,” he said.

The nominee from Lagos State, Dr Mustapha Akinkunmi, said a more proactive way of addressing the naira volatility problem was for the CBN to target the exchange rate itself and not inflation.

“Production and distribution of food commodities across the country would help to reduce the food inflation, while the aggressive target of the exchange rate would help to stabilise the naira with required increase in productivity,” he said.

The nominee from Imo State, Mrs Aku Odinkemelu, said productivity is the key to arresting the volatility of naira and food inflation.

Other nominees screened at the session 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.