BusinessDay 09 Apr 2018
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Monday <strong>09</strong> <strong>Apr</strong>il <strong>2018</strong><br />
C002D5556<br />
BUSINESS DAY<br />
23<br />
Godwin Emefiele, Governor, Central Bank of Nigeria (CBN)<br />
CBN...protecting local manufacturers<br />
and ensuring price stability<br />
Since assumption of office,<br />
Godwin Emefiele,<br />
Governor, Central Bank<br />
of Nigeria (CBN) and<br />
his team at the apex<br />
bank have been working assiduously<br />
to protect manufacturers<br />
and ensure price stability.<br />
He has presided over the<br />
CBN at a very challenging period<br />
in Nigeria’s history where<br />
oil prices, the nation’s major<br />
source of revenues and FX suddenly<br />
plunged to new lows.<br />
In response to the dwindling<br />
capital inflows that resulted<br />
from lower oil prices, Emefiele<br />
introduced a number of measures<br />
to ensure that the country<br />
does not run out of FX while<br />
preventing a significant devaluation<br />
of the currency that could<br />
fuel runaway inflation.<br />
The introduction of the importers<br />
and exporters foreign<br />
exchange window (I & E) and<br />
suspension on importers of 41<br />
items from accessing FX in the<br />
official window stood out. Since<br />
the introduction of the I&E window,<br />
transactions worth over<br />
$20bn has gone through the<br />
window while the suspended<br />
41 items are estimated to have<br />
attracted more than US$10 billion<br />
in investments. Also notable<br />
is the CBN’s Anchor Borrowers’<br />
Programme (ABP), which has<br />
led to a significant boost in local<br />
rice production, putting Nigeria<br />
on the path to self-sustainability<br />
in rice production.<br />
Prior to his appointment as<br />
the governor, he spent over 26<br />
years in commercial banking<br />
culminating in his tenure as<br />
Group Managing Director and<br />
Chief Executive Officer of Zenith<br />
Bank Plc, one of Nigeria’s largest<br />
banks with over 7,000 staff,<br />
about US$3.2 billion in shareholders’<br />
funds, and subsidiaries<br />
in Ghana, Sierra Leone, The<br />
Gambia, South Africa, China,<br />
and the United Kingdom.<br />
Under Emefiele’s leadership,<br />
Zenith Bank strengthened its<br />
position as a leading financial<br />
institution in Africa, winning<br />
recognition and endorsement<br />
at home and abroad for giant<br />
strides in key performance areas<br />
like corporate governance, service<br />
delivery and deployment of<br />
cutting-edge ICT.<br />
Before his banking career,<br />
he was a lecturer in Finance<br />
and Insurance in two Nigerian<br />
Universities. Emefiele is an<br />
alumnus of Stanford University,<br />
Harvard and Wharton Graduate<br />
Schools of Business where<br />
he took courses in Negotiation,<br />
Service Excellence, Critical<br />
Thinking, Leading Change and<br />
Strategy.