Emefiele and the stakes at CBN vanguardngr.com vanguardnews
In this strategic turf of central banking, the establishment must adroitly read and proactively react to a laundry list of fluid scenarios, which include geopolitical and trade tensions that unquestionably impact the dynamics of global trade. These strains often spawn threats to macro-economic stability and even the monetary policy footing of the nation.
It is to this complex, fluid turf of apex banking, that the CBN Governor, Mr. Godwin Emefiele, CON, has brought over three decades of both theoretical and practical experience from top-flight academic and hands-on banking turfs to. In a change regime, Emefiele has admirably deployed governance skills groomed in the stern, high-octane financial industry, in effectively driving CBN’s command room these past five years.
Over the intervening period, it is heartening to note that these policies yielded positive results. In particular, the CBN managed to stabilise the exchange rate around February 2015, thereby creating certainty for both household and business decisions. It largely eliminated speculators and rent-seekers from the Foreign Exchange Market.
Further, as part of its long-term strategy for strengthening the Nigerian economy, the Central Bank established specific initiatives to resolve the underlying factors goading challenges to long-term GDP growth, economic productivity, unemployment and poverty that had pervaded the economy over the past decades. Measures were taken to increase credit allocations to pivotal productive sectors of the economy.
His words: “Effective immediately, the CBN hereby places the access to FX for all forms of textile materials on the FX restriction list. Accordingly, all FX dealers in Nigeria are to desist from granting any importer of textile material access to FX in the Nigerian foreign exchange market. In addition, we shall adopt a range of other strategies that will make it difficult for recalcitrant smugglers to operate banking business in Nigeria.
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