The Chief Executive Officer,CEO of Centre for the Promotion of Private Enterprise,CPPE,Dr.Muda Yussuf,has said that the presidential ambition of the Governor of Central Bank of Nigeria,Mr.Godwin Emefiele,will hurt the nation’s economy.
The partisan disposition of the Central Bank of Nigeria [CBN] Governor, Mr Godwin Emefiele, he said,has cast a dark cloud over the credibility, independence, neutrality and professionalism of the Central Bank of Nigeria.
“It is a troubling development because of the huge reputational risk to the Central Bank of Nigeria and the wider implications for the Nigerian economy”, he said in a statement
He added that it portends 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.
According to him:”There are also profound implications for the confidence of investors, both foreign or local. The Central Bank is an institution that needs to earn the trust of all stakeholders in the economy, irrespective of their political affiliation, creed, gender, religion, ethnicity or vocation. It is difficult to earn this trust with the unfolding scenario of the obvious partisan stance of the CBN Governor. This development raises serious ethical and propriety issues, which are much bigger than the legal questions.
“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. The economy is yet to recover from the shocks of the COVID-19 pandemic. Many businesses and investors are still struggling to survive in the context of a fragile economic recovery.
“The onset of the Russian invasion of Ukraine had inflicted yet another profound macroeconomic dislocations and supply chain disruptions on the global and domestic economies. It is a case of multiple devastating shocks on the economy and businesses”
He said stakeholders are battling with plunge of the naira exchange rate to about N590 to a dollar,unprecedented disparities between the official and parallel market exchange rates as well as liquidity crisis in the foreign exchange market due to monetary and foreign exchange policies of the Central Bank
