The upper chamber said it agreed to consider and confirm the nominees for the position of deputy governors as members of Monetary Policy Committee, MPC, to guard against a total collapse of the economy.
It also noted that now, only three of them were valid, since the tenure of others expired last December.
Consequently, Senate mandated its committee on Banking, Insurance & Other Financial Institutions headed by Senator Rafiu Ibrahim (APC Kwara South) to commence the legislative process for their confirmation in the interest of economic development of the country.
The nominees, who are to replace four members whose tenure expired at the end of previous year, include Professor Adeola Festus Adenikinju; Dr Aliyu Rafindadi Sanusi; Dr Robert Chikwendu Asogwa and Dr Asheikh A. Maidugu.
Senate is disturbed that the impasse is having a toll on the Nigerian economy with significant damage on Foreign Direct Investment (FDI) and foreign portfolio investments exiting the country.
"I want to appeal to our colleagues, we have three requests regarding the Board of the Central Bank - two deputy governors who are also members of MPC and MPC members who are majorly in the private sector. I urge that we take it", he said.
He said, "A wise man is a man who changes his mind if he has to".
"We had a resolution that since the executive is claiming we don't have the powers to make those confirmations we are not going to consider the nominees they are forwarding to us".
"I believe that it is important that we make this exception so that our economy will not collapse and the global community will continue to have confidence in our economy".
The President of the Senate, Bukola Saraki, referred the nominations to Ibrahim's committee for further legislative processes. "But because we believe we must defend the sanctity of democracy and ensure the institutions of democracy, for which the Senate is the apex, must be respected and we believe in doing so, it is in the overall interest of the people".