An accomplished engineer and project manager, Macmichael Nwaiwu brings nearly a decade of experience to his current position as the lead engineer for DTE Energy in Detroit, Michigan. A native of Nigeria, Macmichael Nwaiwu maintains an interest in the politics of his home country.
Nigeria’s economic indicators appear to be moving in a positive direction, but unfortunately the same cannot be said for the country’s primary body responsible for monetary policy, the Central Bank of Nigeria. The Central Bank has not been able to convene for nearly two years, thanks to a series of retirements and resignations from the Bank's board and a political deadlock that is keeping new board members from being appointed.
According to Central Bank rules, the entity cannot meet unless it has enough board members present to form a quorum. However, the nominations of the five additional members required to form that quorum are being hindered by the Nigerian senate as part of its dispute with the current president, Muhammadu Buhari. As a result, the relatively high interest rate of 14 percent set by the Central Bank in 2016 has not been changed.
In March 2018, the Senate finally announced it would begin vetting the nominees, leading observers to predict that the political gridlock would ease and the Central Bank would be able to convene within a few months.
Nigeria’s economic indicators appear to be moving in a positive direction, but unfortunately the same cannot be said for the country’s primary body responsible for monetary policy, the Central Bank of Nigeria. The Central Bank has not been able to convene for nearly two years, thanks to a series of retirements and resignations from the Bank's board and a political deadlock that is keeping new board members from being appointed.
According to Central Bank rules, the entity cannot meet unless it has enough board members present to form a quorum. However, the nominations of the five additional members required to form that quorum are being hindered by the Nigerian senate as part of its dispute with the current president, Muhammadu Buhari. As a result, the relatively high interest rate of 14 percent set by the Central Bank in 2016 has not been changed.
In March 2018, the Senate finally announced it would begin vetting the nominees, leading observers to predict that the political gridlock would ease and the Central Bank would be able to convene within a few months.
