The Special Adviser to the Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Prof Uche Uwaleke has refuted misleading reports currently circulating in the media (Not THE WHISTLER)that the National Assembly plans to transfer interest rate decisions from the Central Bank of Nigeria to a Committee to be chaired by the Minister of Finance.
Uwaleke said this in a statement made available to THE WHISTLER on Friday night.
In the statement, he said the fact is that the amendment Bill proposes a Coordinating Committee as an institutional framework for the alignment of fiscal and monetary policies, noting that its aim is neither to usurp the roles of the Monetary Policy Committee of the Bank nor weaken the instrument independence of the CBN.
He said, “My attention has been drawn to a misleading report currently circulating in the media that the National Assembly plans to transfer interest rate decisions from the CBN to a Committee to be chaired by the Minister of Finance.
This is completely untrue. The fact is that the amendment Bill proposes a Coordinating Committee as an institutional framework for the alignment of fiscal and monetary policies. Its aim is neither to usurp the roles of the Monetary Policy Committee of the Bank nor weaken the instrument independence of the CBN.
“For the avoidance of doubt, section 12 of the current Act establishes the Monetary Policy Committee, as well as stipulates its functions and composition. These provisions are all retained in the amendment Bill.
“Be that as it may, let me seize this opportunity to inform you that in view of the controversy this has generated, the National Assembly Committee on Banking, Insurance and other Financial Institutions has decided to put on hold the entire amendment process to allow for more consultations.”
‘No Plan To Transfer Interest Rate Decision From CBN’- Senate Committee Chairman On Banking Refutes Misleading Reports is first published on The Whistler Newspaper