Emefiele’s presidential ambition has wider implications for our economy – CPPE

The Centre for the Promotion of Private Enterprise (CPPE) says the presidential ambition of the Governor of the Central Bank of Nigeria, Godwin Emefiele, is a troubling development because of the huge reputational risk to the CBN and the wider implications for the Nigerian economy.

In a statement, CPPE CEO, Dr. Muda Yusuf urged Emefiele to resign his appointment in order to preserve the apex bank’s integrity, credibility and independence.

He warned that the disposition of the CBN Governor, Godwin Emefiele, has cast a dark cloud over the credibility, independence, neutrality and professionalism of the Central Bank of Nigeria.

“It portends an ominous outlook for the credibility of monetary policy, foreign exchange policy, management of intervention funds and the impartial discharge of regulatory responsibilities of the apex bank.”

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He warned of profound implications for the confidence of investors, both foreign and local as the CBN needs to earn the trust of all stakeholders in the economy, irrespective of their political affiliation, creed, gender, religion, ethnicity or vocation.

“These are not the best times for the Nigerian economy.  The distractions of dragging the apex bank into the chaotic space of partisan politics can only worsen an already bad situation,” he said.

He added that the economy is yet to recover from the shocks of the COVID-19 pandemic as many businesses and investors are still struggling to survive in the context of a fragile economic recovery.

He also listed that stakeholders in the economy are contending with the following predicaments, which are partly consequences of dysfunctional monetary and foreign exchange policies of the Central Bank:

“Many players in the economy are faced with great difficulty in accessing foreign exchange to import their raw materials, equipment and meeting their foreign payment obligations to their partners. Some have suffered reputational damage as a result.

Many foreign investors are not able to remit funds outside the country which has created serious country risk and perception problems for the Nigerian economy. This had also negatively impacted foreign capital inflows into the economy.

“The most respectable course of action for the Central Bank Governor is to resign in order to preserve the integrity, credibility, independence, neutrality, and professionalism of the CBN.  This is also imperative to ensure the trust and confidence of stakeholders in the Central Bank of Nigeria,” Yusuf said.