Senate Confirms CBN Governor , Deputies amid concern over weak Naira ,

Iyojo Ameh in Abuja

The Senate has confirmed Mr Olayemi Cardoso as nominee for governorship of the Central Bank of Nigeria ( CBN ) after several hours of rigorous screening .It also confirmed four deputy governors of the apex Bank.

Those confirmed as Deputy Governors of CBN are Emem Usoro , Muhammad Abdullahi – Dattijo , Philip Ikeazor and Bala Bello .

But before confirmation of appointments of CBN Governor and Deputy Governors , Senators across political lines in comments made and questions thrown at the appointees during screening , lamented over continuous slide of the Naira against the US dollar and failing of the Nation’s economy generally .

Senator Abdulaziz Yari ( APC Zamfara West ) , fired the first salvo at the CBN governor by asking him on he intend to do with current worrisome situation of Naira in the forex market and general weakness of the economy .

Senator Orji Uzor Kalu ( APC Abia North) also asked similar question by declaring that the appointees are coming on board at a very difficult time .

” The situation at hand about the Nation’s economy and particularly the Naira that has almost lost its value , is pathetic

” Central Bank before your appointments , also contributed to the economic woes by either wittingly or unwittingly, digreesed from its statutory responsibilities into all manner of Trades and importations “, he said .

Even the President of the Senate , Godswill Akpabio , at different intervals , joined in the lamentation on the failing economy by specifically asking the CBN Governor how he and his Deputies , would rescue the situation .

” We don’t need to deceive ourselves , N1, 000 to a US dollar and largely consumptive economy is very worrisome .

” What Nigerians would be expecting from the new governor and his deputies , are monetary policies that would strengthen the Naira and stabilise the economy “, he said .

The interrogative session for the appointees was made hotter by Senator Enyinnaya Abaribe ( APGA Abia South ) by pointedly asking the CBN Governor , if he would have the courage to say No to request on ‘ Ways and Means ‘ from the President , which according to him , had made the country to incur N87trillion debt .

” The new CBN Governor must have the courage to stop the indiscriminate use of ways and means ” , he said

However in his own contribution , Senator Adams Oshiomhole ( APC Edo North) , said the CBN governor and his deputies , must make complete thinking out of the box to current disturbing narratives .

He kicked against the policy of making market forces to stabilize the Naira , saying ” Market forces can never stabilise the Naira without intervention of the state from time to time .

He added that if we allow Nigeria to import everything , Naira will continue to fall .

The CBN governor in his response, however assured the lawmakers that he and his team , would stem the tide of failing economy and weak naira .

He said ” In addressing the challenges at hand , we shall embrace culture of compliance to our rules and policies and run transparent system.

” The big issue is the issue of money supply and the way that money has gone up tremendously in Nigeria. That on its own has major effect on Inflation.