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<!-- /*--><!--/*--> "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd"> SABI NAIJA BLOG: CBN gov, Emefiele, assumes duties, unveils agenda Thursday

Wednesday, 4 June 2014

CBN gov, Emefiele, assumes duties, unveils agenda Thursday

The new Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, on Tuesday formally assumed duties at the headquarters of the apex bank in Abuja.

His assumption of office made him the tenth indigenous CBN governor.

Emefiele, who was cleared by the Senate on Wednesday, March 26, 2014, arrived at the CBN headquarters at 7.30am and was received by Dr. Sarah Alade, whose tenure as acting CBN governor ended on Monday.

A statement from the bank said the new CBN governor at a brief handover ceremony, thanked Alade and all the deputy governors, the stability in the bank. Continue after the cut....

Emefiele, according to the statement, is expected to hold a press conference on Thursday, June 5, 2014, where he will unveil his agenda for the bank and the people of Nigeria.

Emefiele, who is the immediate past Group Managing Director of Zenith Bank Nigeria Plc, brings to his new role over 20 years of banking management experience.

He is a 1984 graduate of Finance with an MBA degree in Finance (1986), both from the University of Nigeria, Nsukka.

He is also an alumnus of Executive Education at Stanford University, Harvard University (2004) and Wharton Graduate School of Business (2005).

As Emefiele assumes office, he will be confronted with a lot of challenges such as the drop in fiscal buffers, which has exposed the economy to vulnerabilities, arising from both domestic and external shocks.

The erosion has accentuated the regime of persistently high interest rates as well as elevated demand for foreign exchange.

Following the depletion, the Monetary Policy Committee of the CBN had last month mandated the management of the apex bank to continue to monitor developments in the fiscal space with a view to taking appropriate monetary policy actions.

The country’s gross external reserves as of May 15, 2014 stood at $38.30bn compared with $37.40bn in March and $42.85bn in December 2013.

From the external environment, experts say the prospects for increased yields and interest rates in the United States and the low level of economic activity in the emerging markets may have repercussions for foreign exchange inflows and stability of the naira exchange rate.

On the domestic front, the challenge of high banking system liquidity, elevated security concerns, anticipated high election-related spending in the run-up to the 2015 general elections are some of the key risks to the domestic economy.

For instance, the current high domestic liquidity is said to exert sustained pressure on both the exchange rate and consumer prices, as well as accentuate the already high demand for foreign exchange.

These, according to analysts, can further deplete the country’s external reserves.

In addition, the core inflation has continued to send conflicting signals since January 2014 and if the upward trend continues as observed in April 2014, experts say this may be a major factor in the upward trend in prices.

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