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To resolve CBN-MPC impasse, Buhari nominates Adamu as CBN Deputy Gov
President Muhammadu Buhari has nominated Mr. Edward Lametek Adamu to the Senate for confirmation as Deputy Governor of the Central Bank of Nigeria (CBN).
This is accordance with the provisions of Section 8(1) (2) of the Central Bank of Nigeria (CBN) (Establishment) Act 2007,
According to a statement by Mr Femi Adesina, Buhari’s Special Adviser on Media and Publicity, this was contained in a letter dated January 26, 2018 to the Senate President, Bukola Saraki.
Mr Adamu, from Gombe State, replaces Mr. Sulaiman Barau, from Zaria, Kaduna State, who retired in December, 2017.
Read also: Adeosun insists Nigerian govt not paying subsidy on fuel
The appointment of Adamu would bring to an end the impasse that has trailed the CBN’s Monetary Policy Committee (MPC) which has failed to hold its monthly meeting for sometime now due to the absence of a quorum.
The MPC is the engine room for the effective delivery of the functions of the CBN and it holds its meetings once every two months, and six times a year.
At the moment, the apex bank has no quorum with which to hold the mandatory MPC meeting.
Asides the absence of a deputy governor, the seat of four other members of the apex bank’s MPC also have to be filled.
It is however unclear when the Senate would screen and approve the appointment of Adamu, as it has vowed not to approve any of the President’s nominees for appointment until, the acting chairman of the EFCC, Ibrahim Magu is sacked.
The Senate had on two occasions refused to approve the appointment of the anti-graft czar, as substantive chairman of the agency, and instead called for his refusal.
But the executive has refused to do the bidding of the federal lawmakers which has led to a long drawn out conflict between both arms of government.
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