CBN: Emefiele’s one good turn deserves another

CBN: Emefiele’s one good turn deserves another

PUBLIC offices are held in trust for the people. Therefore, occupiers of public offices are the golden fish that have no hiding place. It is thus instructive that they should justify their appointments by demonstrating competence, accountability, discipline and leadership. These virtues approximate the essence of every successful public office holder. It is in the

PUBLIC offices are held in trust for the people. Therefore, occupiers of public offices are the golden fish that have no hiding place.

It is thus instructive that they should justify their appointments by demonstrating competence, accountability, discipline and leadership.
These virtues approximate the essence of every successful public office holder.
It is in the context of the above parameters that economic analysts and public affairs commentators have, in recent times, been giving appraisals of the person of the Governor of Central Bank of Nigeria, CBN, Mr. Godwin Emefiele and his era at the head of the apex bank’s command-room since stepping in the saddle on June 3, 2014.

One such analysis that was agreeable to me and reflected my views was published on the back page of Leadership newspaper of Thursday, February 21, 2019 titled: “Deconstructing Emefiele, CBN’s Command-Room Guru” wherein the writer noted how the American media raised the profile of astute economist and former chair of the US Federal Reserve Board from 1987 to 2006, Alan Greenspan, to a point that several observers likened him to a “rock star” whereas he was ordinarily subdued in his public appearances.
The interesting contrast with Emefiele is that the media in Nigeria had not extended a similar favour to CBN’s Emefiele. But, that seems to have changed in the last two months. Emefiele has understandably been enjoying a rave review of his first tenure as CBN governor in the media. Such reviews of his era and achievements could either recommend him for tenure renewal or for posterity’s positive judgment.
Emefiele has unarguably brought over three decades of both theoretical and practical experience from top-flight academic and hands-on banking arenas to the complex, fluid turf of central banking. In Buhari’s change administration, Emefiele has been able to call on these governance skills to successfully drive CBN’s command room. He can, in the next level, keep fidelity to the major regulatory objectives of the CBN, to wit: maintaining the external reserves, promoting monetary stability and a sound financial environment, and acting as a banker of last resort.
At a bankers’s dinner in Lagos, last year, he reportedly alluded to a number of recent developments that had markedly impacted emerging market economies, including Nigeria. One such development was the rising global interest rate due to sustained monetary policy tightening stance in the United States and other advanced economies.

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