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Godwin Emefiele takes over as new CBN governor, promises better times for economy

05/06/2014 13:55

Godwin Emefiele, the new Governor of the Central Bank of Nigeria, on Thursday unveiled his 10-point agenda for Nigeria's economy.

He believes his agenda will create a central bank that is professional, apolitical and people focused.

Emefiele while addressing journalists at the apex bank headquarters in Abuja, said he would reposition the CBN to an institution that would dissipate its energies into building a resilient financial system, which will in turn, serve the growth and development needs of the country.

“My vision for the bank would be anchored on 10 agenda, which would help the apex bank reduce poverty, create jobs and ensure macro economic stability.

“The agenda are to pursue a gradual reduction in key interest rates and include unemployment rate in monetary policy decisions; maintain exchange rate stability and aggressively shore up foreign exchange reserves; and strengthen risk-based supervision mechanism of Nigerian banks to ensure overall health and banking stability.

"My goals are aimed at building up sector-specific expertise in banking supervision to reflect loan concentration of the banking industry; to consider and announce measures to effectively address the anomaly in macro-prudential space;abolish fees associated with limits on deposits and reconsider ongoing practice in which fees associated with limits on withdrawals accrue to banks alone.

"I'll introduce a broad spectrum of financial instruments to boost specific enterprise areas in agriculture, manufacturing, health and oil and gas; establish Secured Transaction and National Collateral Registry that will improve access to information on borrowers and assist lenders to make good credit decisions; build resilient financial infrastructure that will serve the need of the lower end of the market, especially those without collateral as well as renew vigorous advocacy for the creation of commercial course for quick adjudication of almost and related offences," Emefiele said.


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