CBN Governor re-appointment good for capital market- Prof Uche Nwaleke

CBN Governor re-appointment good for capital market- Prof Uche Nwaleke

.Says it will ensure macroeconomic stability, exchange rate, inflation

.Calls for increase in access to credit by SMEs

By Udeme Clement

“Mr. Godwin Emefiele re-appointment is good omen for Nigeria’s capital market and economic growth”.

These were the words of Prof. Uche Nwaleke, a Financial Economist and Professor of Capital market, at Nasarawa State University.

He said this in reaction to President Muhammadu Buhari’s letter to Senate, seeking re-appointment Mr. Emefiele, as Governor of the Central Bank of Nigeria, CBN, for a second term.

He explained, “His re-appointment is one development that speaks to policy consistency and will further consolidate macroeconomic stability, especially with respect to exchange rate and inflation”.

The Capital Market Professor went on, “Investors, both domestic and foreign can have some degree of confidence in the direction of monetary policy, which is positive for the Capital market”.

He added, “One thing is now certain, that the interventions by the Apex Bank in critical sectors of the economy, especially agriculture and non-agric based Small and Medium Enterprises, SMEs, will continue”.

“Prof. Nwaleke stressed, “These will rub off positively on economic recovery efforts. Particularly, now that the CBN under Emefiele has signed an accommodative monetary policy framework”.

His assertions, “It is equally positive for financial systems stability. So, I expect a positive reaction.

“Going forward, I will like to see an intensification and effective monitoring of the interventions, in particular, the ‘Anchor Borrower Programme”.

“The CBN Governor should also focus on ensuring increased access to credit by SMEs and generally fostering low interest rate environment with the support of fiscal authorities”.