In line with his vision of entrenching a more professional and people-focused central bank, the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has approved the redeployment of Deputy Governors in the Bank.
With the new changes, Alhaji Suleiman Barau, Deputy Governor, Corporate Services Directorate is now the Deputy Governor, Operations Directorate. Dr. Kingsley Moghalu currently the Deputy Governor, Operations, returns to the Financial Systems Stability (FSS) Directorate while Mr. Adebayo Adelabu who was in charge of Financial Systems Stability (FSS) is now the Deputy Governor, Corporate Services. Dr. Sarah Alade retains her position as the Deputy Governor, Economic Policy Directorate.
These redeployments, which take effect from Monday 23rd June 2014, are expected to contribute to the Bank’s vision of being the Model Central Bank delivering Price and Financial System Stability and promoting sustainable Economic Development.
Our esteemed stakeholders and the general public are requested to take note of the changes.
The Governor recently unveiled his blueprint for the economy stating that he would, through his vision for the country create a central bank that is professional, apolitical and people focused.
Emefiele said he would reposition the apex bank into an institution that would dissipate its energies into building a resilient financial system that will serve the growth and development needs of the country.
According to him “my vision for the bank would be anchored on 10 agenda, which would help the apex bank reduce poverty, create jobs and ensure macroeconomic stability.
“The agenda are to pursue a gradual reduction in key interest rates and include unemployment rate in monetary policy decisions; maintain exchange rate stability and aggressively shore up foreign exchange reserves; and strengthen risk-based supervision mechanism of Nigerian banks to ensure overall health and banking stability.”
Other agenda are to build up sector-specific expertise in banking supervision to reflect loan concentration of the banking industry; to consider and announce measures to effectively address the anomaly in macro-prudential space; abolish fees associated with limits on deposits and reconsider ongoing practice in which fees associated with limits on withdrawals accrue to banks alone.
Emefiele planned to introduce a broad spectrum of financial instruments to boost specific enterprise areas in agriculture, manufacturing, health and oil and gas; establish Secured Transaction and National Collateral Registry that will improve access to information on borrowers and assist lenders to make good credit decisions; build resilient financial infrastructure that will serve the need of the lower end of the market, especially those without collateral as well as renew vigorous advocacy for the creation of commercial course for quick adjudication of almost and related offences.
