Emefiele Meets Tinubu At Aso Rock
Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN), is currently meeting with President Bola Tinubu at the Presidential Villa in Abuja.
Tinubu, whose vehicle entered the villa at 2:30 p.m., observed a Guards of Honour parade.
Vice-President Kashim Shettima; Emefiele; Mele Kyari, Group Managing Director (GMD) of the Nigerian National Petroleum Corporation Limited (NNPCL); speaker of the House of Representatives, Femi Gbajabiamila; and Permanent Secretary, State House, Tijjani Umar subsequently received him.
Former Lagos Finance Commissioner Wale Edun and House of Representatives member James Faleke were also present.
Tinubu had urged the Central Bank to work towards a unified exchange rate in his inaugural address.
He had also pledged to review the CBN’s implementation of the former administration’s naira redesign policy.
He had stated, “Monetary policy requires a thorough cleaning.” The Central Bank must strive for a standardised exchange rate. This will redirect funds from arbitrage into significant investments in the plant, equipment, and jobs that drive the real economy.
“Interest rates must be lowered to increase investment and consumer spending in ways that sustain a higher level of economic activity. Given the number of unbanked Nigerians, the CBN’s application of the currency swap, regardless of its conceptual merits, was too harsh.
“The policy must be evaluated. My administration will treat both currencies as legal tender in the interim.”
This is the third president under whom Emefiele will serve.
Emefiele was appointed by former President Goodluck Jonathan and reappointed by former President Muhammadu Buhari.
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