Buhari Appoints New CBN Dep Gov, Monetary Policy Committee Members

President Muhammadu Buhari has presented Mrs Aishah Ahmad to the Senate for confirmation as Deputy Governor of the Central Bank of Nigeria (CBN). 

This was contained in a State House press release issued by the Special Adviser to the President on Media and Publicity, Mr Femi Adesina.

Mrs Ahmad is to replace a former Deputy Governor, who retired early this year.

In accordance with the provisions of Section 8(1) (2) of the Central Bank of Nigeria (Establishment) Act 2007, President Buhari urged the Senate President, Dr Bukola Saraki, to consider the expeditious confirmation of Mrs Ahmad, who would then resume work immediately.

In the same vein, the President has written the Senate, seeking the confirmation of appointment of members of the Monetary Policy Committee of the CBN. 

They are to replace four members, whose tenure expires at the end of this year. 

The nominees are: Professor Adeola Festus Adenikinju; Dr Aliyu Rafindadi Sanusi; Dr Robert Chikwendu Asogwa and Dr Asheikh A. Maidugu.

After Senate clearance, the new members of the Monetary Policy Committee are to resume duties next January.

In a related development, CBN denied that one of its directors had been arrested by the Economic and Financial Crimes Commission (EFCC).

Mr Isaac Okorafor, CBN’s acting Director of Corporate Communications, said on Wednesday in Abuja said that the report had no merit.

He said in a statement: “The attention of the CBN has been drawn to a report alleging that one of its deputy governors has been arrested and made to forfeit some amount of money to the EFCC.

“We wish to state categorically that there is no iota of truth in the said report and it is, without doubt, a mere figment of the writer’s imagination.

“The Bank and its officials will not be distracted from the onerous task of ensuring stability in the financial system, and indeed the economy, at this critical time.

“However, such persons bent on disparaging the Bank and its officials should note that legal options would be explored to protect its reputation from being tarnished in any manner.

“We therefore implore members of the media to always exercise caution and endeavor to verify their stories before rushing to the press,” he said.

According to an earlier report, the apex bank’s Deputy Governor for Operations Directorate, Chief Adebayo Adelabu, was alleged to have been arrested in a Transcorp Hilton Hotel room in Abuja with the dollar equivalent of N200 million.

The EFCC operatives were said to have acted on a tip-off.

The report which had not been officially verified said that EFCC operatives stormed the room, apprehended the CBN official, handcuffed him and whisked him away to their Maitama office in Abuja.

Meanwhile, CBN, in continuation of its efforts to sustain FOREX liquidity in the country, on Tuesday, October 3, 2017, intervened in the inter-bank Foreign Exchange Market to the tune of $195 million.

Figures released by the Bank show that it offered the total sum of $100 million to the wholesale segment, while the Small and Medium Enterprises (SMEs) segment received the sum of $50 million. 

The invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance (BTA), among others, received $45 million.

The Acting Director, Corporate Communications Department at the Bank, Mr. Isaac Okorafor confirmed the figures.

He said the CBN was pleased with the state of the Forex market.

He added that the Bank will continue to intervene in order to sustain the liquidity in the market and guarantee the international value of the naira.

Mr. Okorafor reiterated the apex Bank’s determination to sustain the provision of foreign exchange with a view to ensuring liquidity in the market and enhance accessibility and affordability for genuine end users.

According to him, the Bank remained determined to achieve its objective of rates convergence, hence the unrelenting injection of intervention funds into the foreign exchange market.

It will be recalled that the CBN last week intervened in the various segments of the Forex market with the sum of $698.5 million.

Meanwhile, the naira continued to maintain its stability in the FOREX market, exchanging at an average of N364/$1 in the BDC segment of the market on Tuesday, October 3, 2017.

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