The recent suspension from office of Mr. Godwin Emefiele was a timely decision to pave the way for the reorganisation and reform of the Central Bank of Nigeria (CBN). With no visible achievement in the monetary policy space and instances of unethical conduct, Mr. Emefiele’s tenure must have been as traumatic for the CBN staff as it was for ordinary Nigerians.
The recent suspension from office of Mr. Godwin Emefiele was a timely decision to pave the way for the reorganisation and reform of the Central Bank of Nigeria . With no visible achievement in the monetary policy space and instances of unethical conduct, Mr. Emefiele’s tenure must have been as traumatic for the CBN staff as it was for ordinary Nigerians.
It's not unusual to appoint people from other backgrounds as the Central Bank Governor as long as there is adequate staff support. After all, the current US Federal Reserve Chairman and the European Central Bank Governor are trained lawyers. However, it has become the norm to appoint chief executive officers of commercial banks as the CBN Governor. In 26 out of the past 30 years, the CBN had been led by past CEOs of commercial banks including Mr. Emefiele who is a former CEO of Zenith Bank.
It's strange that while development financing is not one of the CBN’s roles and functions listed in the CBN Act , it has turned out to be the Bank’s core activity over the past few years. A few months back, CBN announced that it had disbursed about N8 trillion in interventions to the private sector in the last five years. In January this year, a member of the House of Representatives, Hon.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Court Orders Nigerian Central Bank To Release Information On Forex Subsidies Given To Oil Marketers After CML Report | Sahara ReportersA Federal High Court in Abuja has ordered the Central Bank of Nigeria to release its data on Forex subsidies and make it available to a civic group, the Human and Environmental Development Agenda (HEDA Resource). This was contained in a court ruling in a lawsuit between the Incorporated Trustees of Human and Environmental Development Agenda (HEDA Resource Centre) and the Central Bank of Nigeria (CBN). The judgement is based on suit number FHC/ABJ/CS/1622/2020, which was filed after the CBN refused the HEDA Resource Centre's Freedom of Information (FoI) request.
Read more »
CBN intervenes as more PoS operators implement rate hikeCentral Bank of Nigeria has said it will intervene to resolve issues around the new charges adopted by Point of Sale operators in Nigeria.
Read more »
World Bank links Nigeria’s ICT growth to high data consumptionIncreased consumption of data services and the continued rise in subscriber numbers are driving Nigeria’s information and communications technology sector growth, the World Bank has disclosed.
Read more »
Bank of America warns Nigeria inflation may hit 30%The Bank of America has said the Monetary Policy Committee of the Central Bank may need to increase interest rates by at least 700 basis points before the end of the year to curb inflation.
Read more »
Nigeria may miss W’Bank’s 148 million NIN registration target – ReportNigeria may miss a World Bank’s target of 148 million National Identification Number registrations by June 2024 after total NIN registrations hit 101 million as of June 2023.
Read more »
Woman sets policewoman, children on fire in Anambra | The Guardian Nigeria News - Nigeria and World NewsA woman, identified as Nnaemaka Nwosu, has reportedly set a policewoman and her two children ablaze in Anambra State. It was gathered that the incident occurred on Sunday at Nnokwa community in Idemili South Local Government Area of Anambra State. Anambra State Police spokesman, DSP Tochukwu Ikenga, while confirming the incident said the suspect has […]
Read more »