The nominees for the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) have expressed optimism that the challenges of foreign exchange volatility and food crisis in the country will soon be resolved. President Bola Tinubu recently submitted the nominees’ names to the Senate for confirmation.
During their screening by the Senate Committee on Banking, Insurance, and Other Financial Institutions, the nominees highlighted the urgent need for solutions to address these pressing issues. Six of the nominees participated in the screening process and shared their views on how to tackle the forex and food crisis.
Lamido Yuguda, the Director-General of the Securities and Exchange Commission (SEC) and a nominee for the MPC, emphasized the need to stabilize the value of the Naira, which he described as having lost its intrinsic value. He stressed the importance of the MPC’s role in working with stakeholders to address this issue.
Dr. Mustapha Akinkunmi, a nominee from Lagos State, suggested that targeting the exchange rate, rather than inflation, would be a more effective approach. He highlighted the need for increased production and distribution of food commodities to reduce food inflation, along with a focus on stabilizing the Naira.
Mrs. Aku Odinkemelu, another nominee, emphasized the importance of productivity in addressing Naira volatility and food inflation. She underscored the need for measures to increase productivity across the country.
The nominees’ insights and proposed solutions are expected to be discussed further at the upcoming MPC meeting scheduled for Monday next week. Senator Adetokunbo Abiru, the chairman of the committee, reiterated the expectations of Nigerians for the MPC to provide solutions to rising inflation, forex market volatility, and overall economic rejuvenation.
Daily Post