…As Senate agreed on Tuesday to start screening MPC nominees
ABUJA, MARCH 14, 2018 – Nigeria’s Monetary Policy Committee meeting could be delayed by a week as the Nigerian Senate screen nominees to the panel before approving them.
If the nominees submit their credentials on Wednesday, the Senate could give notice for a sitting and screen the candidates on Thursday or March 19, Senate banking committee Chairman Rafiu Ibrahim said by phone from Abuja, the capital. The vetting will take place no later than next week, he said.
“We are aware MPC is scheduled to meet on Monday but we have to follow the due process,” Ibrahim said. “It won’t be very bad if the meeting is delayed for a while.”
The MPC didn’t meet as scheduled in January because it lacked a quorum after the Senate initially refused to approve President Muhammadu Buhari’s nominees for the committee, meaning it couldn’t formally set interest rates. Lawmakers agreed on Tuesday to start the vetting process for the six candidates, which include two new deputy governors.
The MPC is scheduled to announce its rates decision on March 20.
