Emefiele’s political ambition dragging CBN into chaotic space of partisan politics – CPPE Says

In a statement by Dr Muda Yusuf, CEO of the Centre for the Promotion Enterprise (CCPE), the organistaion warned that the presidential ambition of the Governor of the Central Bank of Nigeria, Godwin Emefiele, is a distraction that is dragging the apex bank into the chaotic space of partisan politics. 

In the disclosure made on Sunday, the CCPE boss urged Emefiele to resign in order to ward off the dark cloud of cast on the Apex Bank’s integrity, credibility, neutrality, professionalism and independence.

He said, “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.

“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.”

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 noted that stakeholders in the economy are contending with a number of unpleasant predicaments, such as the plunge in exchange rate, disability of foreign investors to remit funds funds outside the country, liquidity crisis in the forex market and unprecedented disparities between the official and parallel market exchange rates, which are partly consequences of dysfunctional monetary and foreign exchange policies of the Central Bank.

“The most respectable course of action for 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.

He said that this is also imperative to ensure the trust and confidence of stakeholders in the Central Bank of Nigeria.