Finally, Senate Clears Way For CBN’s MPC To Meet
The Senate has on Thursday approved the appointment of two deputy central bank governors and three members of the Monetary Policy Committee, MPC.
This now makes it possible for the MPC to form a quorum and be able to meet for the first time this year.
The CBN has already fixed the meeting for April 3 and 4.
Unable to establish a quorum in January and March, the CBN cancelled its first MPC meeting in January and left interest rates on hold at 14%, a level it has been for over a year to support the naira and curb inflation.
Senate President Bukola Saraki said Aisha Ahmad and Edward Lametek Adamu had been confirmed as deputy governors, while Festus Adenikinju, Aliyu Rafindadi Sanusi and Robert Chinwendu Asogwa had been appointed to the MPC.
There are strong indications that the MPC may decide to cut interest rate when it meets in April.
Inflation fell to an almost one-year low in February at 14.13%, while dollar reserves rose to $46 billion.
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