The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has said that the resuts have justified the flexible exchange rate implemented by the apex bank. These results, he said, include increased transparency in the forex market, an estimated cleared $4 billion backlog of forex demand, reduced arbitrage and speculative opportunities and a more predictable structure for businesses to priorities their forex demand.
In addition, he added ‘This policy has led to a gradual but steady inflow of new FX into the market. All of these have largely met the bank’s expectations in the short term. We believe that these benefits will become magnified as the policy’s sustenance improves the credibility of the CBN and investors trust us more to return more forcefully as active participants in Nigeria’s FX market.’
Also speaking on present initiatives to stabilise the economy, Emefiele said the bank will pursue price stability as an anchor for economic growth as well as attract foreign investors as the country battles recession and rising inflation.
“The CBN does not reckon that curbing inflation, attracting foreign investors and supporting growth are mutually exclusive objectives. Rather, the monetary policy committee’s decision reflects the (central bank’s) prioritization of its core mandate of pursuing price stability as an anchor and enabler for economic growth.”Emefiele is quoted as saying.
The CBN Governor also said that the new circular regarding the appointment of CCOs and ECOs by commerial banks must be taken seriously. He said “The CBN will hold the ECO responsible and accountable for any breach of any extant regulation in the bank. For avoidance of doubt, the CBN shall suspend/dismiss any ECO and CCO found wanting in the discharge of his/her responsibility,” repeating that the ECO must be at the level of Executive Director while th CCO should be at the level of General Manager.
“George is all you have ” or should I say godwin” is all you have”.champions aren’t made in gym.champions are made from something,they have deep inside them–a desire,a dream,a vision.they have to have last minute stamina,they have to be alittle faster,they have to have the skill,and the will,but the will must be stronger than the skill (1976).
“What I suffered physically was worth what I’ve accomplished in life.a man who is not courageous enough to take risks,will never accomplish anything in life” (1984) those words were said by muhammed Ali.who die ealier this year,this is not any criticises on the governor,i am not the governor of central bank of Nigeria,this comment was aimed on maladministration or mismanagement gross or criminal neglegencies by companies or govt agencies
In the rumble in the jungle in zaire.george forman current champion younger than his oppornent Muhammed ali,he wants to knock out M.A.and commentators said M.A used a arope tactic against G.F,M.ali corner was urging him to jab,jab forman,forman was a powerful puncher according to ali,he defended himself,and going to the rope.forman thought ali was weak,by not defending himself,but ali keep talking to foreman “George is this all you have”
When ali saw George was slowing down,he lowered his defence,which would have given foreman a knockout punch to defeat al.ali saw that george foreman tiring was right for picking,at the right time and opportunity,with a bit of combination of punch,foreman fell down and never got up again,this defeat against George foreman was totally spiritually and physically,foreman never got in to any ring for many years,he got himself ordain as a protestant vicar.
When an executive official failed to do the right thing and at the right moment,if it involves a naton,the nation will continue to suffers