Emefiele’s policies negatively impact CBN – Cardoso
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Nigeria’s central bank, CBN, Governor Olayemi Cardoso has accused his predecessor, Godwin Emefiele, of implementing policies that negatively affected the country’s apex bank in the past few years.
Cardoso disclosed this on Friday in a speech at the 50th anniversary event of the Chartered Institute of Bankers of Nigeria (CIBN).
He said the CBN suffered from corporate governance failures, reduced organizational autonomy, deviation from its core mission and unconventional use of financial instruments.
He also pointed out that a significant challenge for apex banks over the past few years has been the inefficient and opaque foreign exchange market, which prevents clear access and foray into financial activities.
“We are also aware that the events of the past few years have had a negative impact on the CBN. This can be attributed to a variety of factors, including deviations from the mission, unconventional use of financial instruments, and an inefficient and opaque foreign exchange market that hindered economic growth. Foray into financial activities.
“There was also a lack of clarity in the relationship between fiscal and monetary policy, among other challenges.
“Up until now, the CBN has deviated from its core mission and engaged in quasi-financial activities that have injected more than N10 trillion into the economy through largely disparate initiatives in areas such as agriculture, aviation, power, and youth. “It hindered the Bank’s ability to achieve its goals and brought it into areas where there was limited expertise,” he said.
But Cardoso promised that issues affecting the Bank would be addressed under his watch.
He said: “Under my leadership, the Central Bank of Nigeria will vigorously address these issues. We will address systemic deficiencies, restore corporate governance, strengthen regulation and implement smart policies. We will assure investors and the business community that by recalibrating our policy toolkit and implementing a wide range of measures, the economy will experience significant stability in the short to medium term. .”
DAILY POST reported that Emefiele spearheaded the controversial naira redesign policy that resulted in a currency shortage in Nigeria and hardship for Nigerians in the first quarter of 2023.
Recall that Mr. Emefiele was suspended as CBN governor by President Bola Ahmed Tinubu in June.
The embattled CBN governor was recently granted bail of N300 million over an alleged N1.2 billion procurement fraud.
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Source: dailypost.ng