CBN fixes April 3, 4 for MPC meeting based on Senate’s green light, but…
The Central Bank of Nigeria (CBN) is now on the mercies of the Nigerian Senate to either hold the first meeting of the Monetary Policy Committee (MPC) of 2018 tentatively on April 3 and 4th if the Senate puts paid to the green light it has shown in screening and confirming the nominees of President Muhammadu Buhari to fill the posts of deputy governors of the Central Bank of Nigeria (CBN) and the four members-designate of the MPC.
The Nigerian Senate had in the last few months, technically rested looking into any document from the Presidency that demands screening for confirmation apparently due to the observed refusal of the president to honour the resolution of the lawmakers’ in relieving the embattled chief executive of the Economic and Financial Crimes Commission (EFCC), Mr. Ibrahim Magu after rejecting his nomination for two times.
However, more than three seating after the Red Chambers signaled its readiness to confirm the MPC nominees, it is yet to appear on its daily plenary manifest for discussion, an indication of possible change of mind.
But financial analysts are still hopeful that the Senate will screen the nominees based on the swift action of the lawmakers in saving the economy from international rejection by way of passing the Bill that intends to separate a certain unit from the EFCC Act to allow Nigerian remain a member Egmont Group recently by beating the given deadline.
Whereas some financial experts have argued that the inability of MPC to meet due to lack of forming quorum can only be a negative issue on the long run if the meeting fails to hold for too long, leading international rating agency, Standard and Poor’s (S&P) has affirmed its ‘B/B’ long and short-term sovereign credit ratings on Nigeria. The agency also assigned a “stable outlook” on the country.
