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| Emefiele |
The new Governor of the Central Bank
of Nigeria, Mr. Godwin Emefiele on Tuesday formally assumed duties at the
Headquarters of the apex bank in Abuja.
SHOWBIZPLUSng gathered that Emefiele's assumption of office as the CBN
boss made him the tenth indigenous governor in the history of the apex Bank,
thus putting a final seal on embattled Sanusi’s plot to stage a come back after his
inglorious suspension.
Emefiele, who was cleared by the
Senate on Wednesday, March 26, 2014, arrived at the CBN Headquarters at 7.30
a.m. on Tuesday, to the warm embrace of the four Deputy Governors at the Bank
and expectant members of staff, led by Dr.Sarah Alade, whose tenure as Acting
Governor ended on Monday, June 2, 2014.
A statement from the bank said the
new governor at the brief formal handing over ceremony, thanked Alade and the
other Deputy Governors for the stability in the bank.
The new CBN Governor, according to
the statement is expected to hold a maiden World Press Conference on Thursday,
June 5, 2014, where he will unveil his agenda for the bank and the people of
Nigeria.
The immediate-past Group Managing
Director of Zenith Bank Nigeria Plc, Emefiele brings along to his new role over
20 years of banking management experience.
Emefiele is a 1984 graduate of
Finance and an MBA Degree in Finance in 1986, both from the University of
Nigeria, Nsukka.
He is also an alumnus of Executive
Education at Stanford University, Harvard University (2004) and Wharton
Graduate School of Business (2005).
As Emefiele assumes office, he would
be confronted with a lot of challenges such as the drop in fiscal buffers which
had exposed the economy to vulnerabilities arising from both domestic and
external shocks.
The erosion had accentuated the
regime of persistently high interest rates as well as elevated demand for
foreign exchange.
Following the depletion, the
Monetary Policy Committee of the CBN had last month mandated the management of
the apex bank to continue to monitor developments in the fiscal space with a
view to taking appropriate monetary policy actions.
The country’s gross external
reserves as at May 15, 2014 stood at $38.30bn compared with $37.40bn at
end-March and $42.85bn at end-December 2013.
From the external environment, the
prospects for increased yields and interest rates in the United States and the
low level of economic activity in the emerging markets could have repercussions
for foreign exchange inflows and stability of the naira exchange rate.
On the domestic front, the challenge
of high banking system liquidity, elevated security concerns, anticipated high
election-related spending in the run-up to the 2015 general elections are some
of the key risks to the domestic economy.
For instance, the current high
domestic liquidity could exert sustained pressure on both the exchange rate and
consumer prices, as well as accentuate the already high demand for foreign
exchange.
These, according to analysts could
further deplete the country’s external reserves.
In addition, the core inflation had
continued to send conflicting signals since January 2014 and if the upward
trend continues as observed in April 2014, it could be a major factor in the
upward trend in prices.
Punch
2 comments:
make ur case no b like Sanusi o
welcome on board
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