Senate confirms seven members of CBN’s Monetary Policy Committee

The Senate at the Wednesday plenary confirmed the nomination of seven members of the Monetary Policy Committee of the Central Bank of Nigeria (CBN).

The confirmation of the nominees followed the consideration of a report of the Committee on Banking, Insurance and Other Financial Institutions.

The report was presented by the Chairman of the committee, Sen. Uba Sani (APC-Kaduna).

President Muhammadu Buhari, had in the letter to the Senate dated Feb. 23, explained that the confirmation and membership renewal request was made pursuant to Section 12(4) of the Central Bank Act, 2007.

Those confirmed by the Senate include Prof. Mohammed Adaya Salisu and Dr. Mo’Omamegbe, both of whom are newly appointed members.

Other five members of the committee for renewal are Prof. Michael Obadan, Prof. Festus Adeola Adenikinju, Prof. Aliyu Sanusi Rafindadi, Dr. Robert Asogwa and Alhaji Aliyu Ahmed.

Sani, in his presentation, said the nominees possessed the academic qualifications, technical knowledge and professional experience to be members of the monetary policy committee of the CBN.

The Chairman said that the senate committee on banking did not receive any petition against their nominations.

He added that the nominees were all cleared by the Nigeria Police Force and the Department of State State Services (DSS) and possessed the Code of Conduct Bureau acknowledgment slip.

According to him, one of the nominees, Alhaji Aliyu Ahmed, Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, will serve as the representative of the ministry in the monetary policy committee.