By Stephen Ubanna
More facts have emerged why Godwin Emefiele, a University of Nigeria, Nsukka,
This is to avoid the distortion of the country’s monetary and fiscal
The CBN, had increased the banned items, which could no longer access the forex market to 43 with the inclusion of the fertilizer and textiles, when Emefiele and his management became convinced that there was no basis to still be importing such items into the country when it could be produced locally.The Delta state born CBN, governor may have proved that he knows what he was doing to stabilise the value of the naira despite pressures from both official and unofficial quarters to devalue the naira that he had presided over the Bank introduction of multiple foreign exchange or the country. The introduction of the multiple exchange rate system, according to sources had led to the creation of the Inter-Bank/ wholesale, Invisible, small and medium scale Enterprises, SMEs and the Investors and exporter’s windows.
He may have
Prior to the submission of his name to the Bukola Saraki led Senate, the CBN , governor had already told those that cares to listen including the participants at the Association of Assets Custodians Conference of Nigeria, AACN, last Thursday in the United Kingdom that he would be reappointed by the President for another five years to Head the CBN. As a prelude to the submission of his name to the Senate for Confirmation last two weeks, it was learnt that the announcement had already been made within the Bank which was seen as a welcome development for continuity in the implementation of the country’s monetary and fiscal policies.
Bank sources told The Value News that officials of the World Bank and the International Monetary Fund, IMF, including the African Development Bank , ADB, headed by Akinwumi Adesina, the country’s former minister of Agriculture and Rural Development in Nigeria, also put in a word to the President to retain the services of the current CBN , governor, if he is interested in turning the nation’s economy around in the next four years. The President recent private visit to
Going by the Act establishing the Apex Bank, the Senate must confirm the nomination before the appointment can take effect. Economic experts and members of the Bankers Committee have hailed the President for re-appointing CBN governor for take the country out of the wood between 2016 and 2018, during the period of the economic recession. They noted that it is only a President with a listening ear that could listen to advise to allow the structure of the apex Bank to remain as it is for continuity.
The good news was that the Capital Market responded positively to the CBN governor’s renewed appointment by the President. On Thursday, May 9, 2019, in London, an elated and fulfilled Emefiele had addressed investors as well as the foreign
There is no
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