Samuel Awoyinfa, Nike Popoola, Ifeanyi Onuba and Leke Baiyewu
Mixed reactions have greeted the reappointment of the Governor of the Central Bank of Nigeria, Mr Godwin Emefiele.
While some exoerts said the development was good for the banking sector, monetary policy and economic stability, others thought otherwise.
President Muhammadu Buhari on Thursday wrote to the Senate to approve Emefiele’s reappointment as the CBN governor.
The President, in his letter to the Senate, sought legislative approval of a second tenure for Emefiele, whose current tenure expires on June 2, 2019.
The President of the Senate, Bukola Saraki, read Buhari’s letter to members at the plenary on Thursday.
The Managing Director and Chief Executive Officer, Polaris Bank, Tokunbo Abiru, said, “The re-appointment of the CBN governor for another term of five years is a positive development for our economy.
“The economic outlook remains positive as this adds fillip to the continuity of current macro-economic policies initiated by Emefiele. The positive interventions in the agriculture, real sector and foreign exchange stability give confidence that the economy will continue to grow.”
The Chairman, Chartered Institute of Bankers of Nigeria, Abuja Chapter, Prof.Uche Uwaleke, described Emefiele’s appointment as a positive development for the Nigerian economy, saying stakeholders in the economy would have confidence in the consistency of the onetary policy.
He said, “Emefiele’s appointment is a good omen for the capital market. It is one development that speaks to policy consistency and will further consolidate macroeconomic stability, especially with respect to exchange rate and inflation.
“Investors, both domestic and foreign, can have some degree of confidence in the direction of monetary policy, which is positive for the capital market.
“One thing is now certain: That the interventions by the CBN in critical sectors of the economy, especially agriculture and non-agric based SMEs will continue.
“These will rub off positively on economic recovery efforts, especially now that the CBN under Emefiele has signalled an accommodative monetary policy stance. It is equally positive for financial systems stability. So, I expect a positive reaction.
The Registrar, Institute of Finance and Control of Nigeria, Mr Godwin Eohoi, said as one of the major actors who worked towards taking Nigeria out of recession, the apex bank boss understood what would be needed to consolidate the growth trajectory.
He also said there was a need for the apex bank boss to ensure the reduction of interest rate is to make the cost of funds cheaper for businesses.
He said, “There is a need for the intensification and effective monitoring of the interventions, in particular, the Anchor Borrower Programme.
“Emefiele should also focus on ensuring increased access to credit by SMEs and generally fostering a low-interest rate environment with the support of fiscal authorities,
“He should focus more on intervention programmes in the agricultural sector, textile and other economic stimulating and job creation sectors.”
A former President, Association of National Accountants of Nigeria, Dr Sam Nzekwe, said, “It is a good development because, given the way he has worked for five years, I think he is a competent man. He has made sure that he has so far stabilised the exchange rate; he has managed the monetary authority very well given the kind of very difficult economy we have.