CBN: Emefiele’s one good turn deserves another vanguardngr.com vanguardnews
It is thus instructive that they should justify their appointments by demonstrating competence, accountability, discipline and leadership.It is in the context of the above parameters that economic analysts and public affairs commentators have, in recent times, been giving appraisals of the person of the Governor of Central Bank of Nigeria, CBN, Mr. Godwin Emefiele and his era at the head of the apex bank’s command-room since stepping in the saddle on June 3, 2014.
At a bankers’s dinner in Lagos, last year, he reportedly alluded to a number of recent developments that had markedly impacted emerging market economies, including Nigeria. One such development was the rising global interest rate due to sustained monetary policy tightening stance in the United States and other advanced economies.According to him, “This has consequently heightened fragilities, imbalances and vulnerabilities in emerging markets. The Fed fund rate was raised steadily to 2.
Consequently, Nigeria’s macro-economy experienced significant impulses over the last few years, which triggered the country’s GDP collapse into a recession with inflation spiraling to nearly 19 percent. The Naira-Dollar exchange rate hit peaks never seen before. Besides, the introduction of the transparent I&E FX Window, which increased investor’s confidence and eased market sentiments, also boosted Nigeria’s Ease of Doing Business indicator. Emefiele’s CBN has also effectively managed the external reserves. Over the last few years, it has established and maintained the decisive withdrawal of subsidy for the importation of 41 non-essential commodities.Following the strict implementation of the policy, imports fell steadily from US$15.
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