CBN Governor’s re-appointment preventing monetary policies disarray – Prof. Ekpo
Says it will ensure investments inflow, economic stability
By Udeme Clement
Akpan Ekpo, a Professor of Economics and the immediate past Director General, West African Institute for Financial and Economic Management, WAIFEM, has said that the re-appointment of Mr. Godwin Emefiele, as the Governor, Central Bank of Nigeria, CBN, by President Muhammadu Buhari will prevent monetary policies disarray in the financial system and the multiplier effect that such disarray can have on other sectors of the economy.
Prof. Ekpo, who is currently the Executive Chairman, Foundation for Economic Research and Training, FERT, made this assertion in a chat with Financial Business in Lagos.
According to him, the re-appointment of Mr. Emefiele, shows continuity in the system and will further pave the way for more investments inflow into the country, as the development will boost investors’ confidence in Nigeria’s economy.
He explained, “To me, the decision taken by President Buhari to re-appoint the CBN Governor for a second term in office is a well thought-out initiative, which is coming in the nick of time to enhance economic stability”.
Prof. Ekpo pointed out, “In my opinion, his re-appointment is based on merit of performance. For instance, Emefiele has done well in carrying out the functions of CBN.
“He came up with monetary policies that have stabilised the exchange rate and are still moderating inflation in the country.
“We should realise that the investors are watching. So, his re-appointment will make the investors to relax and be willing to put more money in Nigeria’s economy”.
The Economics Professor went on, “Aside from exchange rate stability, CBN interventions can be seen in agriculture and other sectors of the economy. Therefore, it would have been unwise not to re-appoint him.”