Godwin Emefiele, CBN policy somersault and Kemi Adeosun
In just a few days that Central Bank Governor, Godwin Emefiele introduced the new policy of allowing banks to sell FOREX to those who really need it, the Naira gained value, even though the value is minimal. But the point must be made that the governor of the apex bank is not as helpless as it seems, just a little bereft of ideas. The question that many banking industry observers are asking is: What took him so long? But again before we praise the effectiveness of the new policy we really must observe to see how well it is working. How do we know, for instance that the bankers will not round trip with the funds that he has given them? Well, the answer to that is: we do not know!
The economy of Nigeria is not solely in the hands of the CBN and its administrators, Kemi Adeosun of the finance ministry has a big role to play. Another question that observers are asking is: when will monetary policy compliment fiscal and visa versa? These two chiefs of different but related parts of the economy seldom see eye to eye, and with so much in disarray in form of dollar thieves and petroleum industry financial incompetence and theft, something has to be done urgently to get the two of them together. We cannot allow the war of egos that disrupted the Peoples Democratic Party to engulf our financial institutions. Time for Adeosun and Emefiele to kick start this economy and lay the path for the private sector to take the lead. We are watching.
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