Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), met with President Bola Tinubu at the Presidential Villa in Abuja on Tuesday. Emefiele was later received by Vice-President Kashim Shettima, Group Managing Director (GMD) of the Nigerian National Petroleum Corporation Limited (NNPCL) Mele Kyari, Speaker of the House of Representatives, Femi Gbajabiamila, and Permanent Secretary, State House, Tijjani Umar. The meeting was also attended by Wale Edun, former Lagos Finance Commissioner and James Faleke, a House of Reps member…..CONTINUE READING...CONTINUE READING
Although there was no statement released to the media from Emefiele, Kyari spoke to the press on fuel subsidy.
During his inaugural address, Tinubu had charged the CBN to work towards a unified exchange rate, and vowed to review the naira redesign policy of the former administration which was implemented by the CBN. Tinubu stated: “Monetary policy needs thorough house cleansing. The Central Bank must work towards a unified exchange rate. This will direct funds away from arbitrage into meaningful investment in the plant, equipment and jobs that power the real economy. Interest rates need to be reduced to increase investment and consumer purchasing in ways that sustain the economy at a higher level. Whatever merits it had in concept, the currency swap was too harshly applied by the CBN given the number of unbanked Nigerians. The policy shall be reviewed. In the meantime, my administration will treat both currencies as legal tender.”
This marks the third president that Emefiele has worked under, having been originally appointed by ex-President Goodluck Jonathan and later reappointed by immediate past President Muhammadu Buhari…..CONTINUE READING
