CBN deputy governor nominee wants foreign exchange sources diversification

The MPC may follow Sarb governor Lesetja Kganyago's line of seeking to reduce inflation expectations and keeping an eye on downward risks to the rand

CBN deputy governor nominee wants foreign exchange sources diversification

Pleading on behalf of the Presidency yesterday, while introducing the two nominees for deputy governorship positions of the Central Bank of Nigeria, CBN, and four others as members of the apex bank's Monitoring Policy Committee, MPC, the Senior Special Assistant to the President on National Assembly Matters (Senate), Senator Ita Enang, urged the Senate to extend its magnanimity on the consideration of the nominees to other positions forwarded to it since a year ago.

According to THISDAY, Isaac Okoroafor, CBN spokesman, said the new dates were fixed after the senate resolved to confirm the presidential nominees needed for the committee to form quorum. The nominees for the deputy CBN governor are Aisha Ahmad and Edward Adamu.

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The CBN has said it will hold its first meeting of the Monetary Policy Committee meeting this year on April 3 and 4.

The four other nominees that were also screened as members of the MPC are Prof Festus Adeola Adenikinju, Dr. Aliyu Rafindadi Sanusi, Dr. Robert Chikwendu Asogwa and Dr. Asheikh Maidugu.

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Recall that the Senate had past year, in reaction to remarks made by the Vice President Yemi Osinbajo, that the acting chairman of the Economic and Financial Crimes Commission, EFCC, Ibrahim Magu, needed not to be confirmed by the Senate before assuming office in substantive capacity, placed embargo on screening and confirmation of presidential nominees.

"The new dates, we hope, will give the senate the time it needs to conclude the screening and confirmation process of the nominees of the president".

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"One of the key challenges that we are facing is over-reliance on oil and our sensitivity to changes in the price and availability of oil". The real action we need to take concerning diversifying the economy is to diversify the sources of foreign exchange.

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