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MPC Nominees Pledge Solutions To End Forex And Food Crises

Published

10 months ago

Feb 21, 2024.

Eko Hot Blog reports that the Senate on Wednesday grilled nominees for the Central Bank of Nigeria’s Monetary Policy Committee (MPC) over the forex crisis and unending food crisis.

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The nominees were forwarded last week by President Bola Tinubu for confirmation ahead of the MPC meeting on February 26.

SEC Director-General Lamido Yuguda, an MPC nominee, said the naira has lost its intrinsic value, but the new MPC will join stakeholders to stabilize the currency.

“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 sufficiently, which is being critically looked into,” Yuguda stated.

Another nominee, Dr. Mustapha Akinkunmi, said targeting the exchange rate rather than inflation will help address Naira volatility.

He added that food inflation stems from production and distribution issues across Nigeria.

Aku Odinkemelu, a nominee from Imo, said increased productivity is key to stabilizing the Naira and reducing food inflation.

The Senate panel chairman, Senator Tokunbo Abiru, told nominees that Nigerians expect solutions to inflation, forex volatility, and economic rejuvenation from the upcoming MPC meeting.