Senate grills MPC nominees on forex crisis, inflation
The Senate on Wednesday screened the nominated members of the Monetary Policy Committee of the Central Bank of Nigeria, questioning them on the lingering foreign exchange and food crises. President Bola Tinubu had last week forwarded to the Senate for confirmation the names of nominees to the MPC of the CBN. 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 fire was the Director-General of the Securities and Exchange Commission, Lamido Yuguda, who informed the committee that his nomination into MPC would give the SEC the needed voice in monetary policy. He lamented that the current value of the naira was not real, having lost its intrinsic value, adding that the MPC, when inaugurated on Monday, would join other stakeholders, to get it stabilised. He said, “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
Punch
sufficiently, which is being critically looked into.”
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