Managing Director of Zenith Bank Plc), Mr. Godwin Emefiele has been approved by the Senate as the new Governor of the Central bank of Nigeria (CBN), as nominated by President Goodluck Jonathan.
The president nominated him on 20th February 2014, hours after suspending Mallam Sanusi Lamido Sanusi, who was Governor at the time, on allegations of “financial recklessness and misconduct”.
While ratifying Emefiele’s nomination, Senate President, David Mark said he was confident that the new Governor would perform his duties without fear or favour”.
Emefiele frowned at the penchant by Nigerians to conduct their transactions in foreign currencies instead of the naira. He stated that such practices could destroy the economy, if left unchecked.
Emefiele vowed to probe of the expenditure components of the CBN to determine the veracity of the alleged N262bn deficit.
Hear him:
“I will look into the budget expenditure components in the CBN, but I am aware we have what is called the operational expenditure profile as well as administrative expenditure profile.
“I think and I imagine, I suspect more of the deficit would have come from areas pertaining to operational expenditure and if it is about operational expenditure, it means we cannot do anything about it.
“This is because those were expenditures incurred in the course of open market operation, which is needed to ensure that we maintain a strong currency and have a good country.”
“We are also expected to ensure we have a strong financial system.
“On the back of this mandate, we will work hard to ensure we achieve macro-economic stability where inflation rate shall be seen to continue to come down and where we will continue to maintain a strong exchange rate for the country and build a strong foreign reserve.
“We will ensure that if approved, whatever monetary policy decision taken would be those to improve the level of employment.
“Because we know employment is important. We know today we have an employment emergency.
“We must ensure whatever decisions we take at the CBN in the Monetary Policy Committee (MPC) would be those leading to improvement in the level of employment.
“We would ensure we work with the manufacturing companies to ensure we improve on their level of production and by extension ensure we improve and achieve economic growth.”
“They must push in one direction. If we push in opposite directions, what you will find is that we are not going to achieve economic growth and development we are talking about.
“It is important that both the Ministry of Finance and the Central Bank move in one direction.
“If the decision is that we should pursue a conventional policy, both the Central Bank and the Ministry of Finance should be seen to move in one direction.
“So, we expect that there should be a collaborative relationship where they will work together for the good of Nigerians.”
He said he would ensure the naira is respected.
“I think one of the core mandates of the Central Bank is to ensure we maintain a legal tender and they respect it and ensure whatever is done our naira has to be used as a legal tender.
“I will take it as a primary responsibility to ensure the attempt to dollarize the Nigerian economy is discouraged. We should not allow it because it will create problem for the economy.”
“It is true we have seen the reserve dropping, it is as a result of speculative attack on the naira because I think there will be devaluation as a result of what is happening in the world today.
“There is no need to worry about devaluation because it is a devastating action to be taken in the country, particularly because we are import-dependent.”
