Business

Emefiele commended over policy initiatives

The Founder of Independent Shareholders Association of Nigeria(ISAN), Sir Sunny Nwosu, has commended Governor of the Central Bank of Nigeria(CBN), Mr. Godwin Emefiele, on the apex bank’s recent monetary policy initiatives.
Speaking in a chat with journalists, Nwosu said Emefiele had enabled the economy through the capital market, saying that the CBN has a perspective that looks out for the betterment of the whole economy rather than seeing it just from the money-market sector.
He also hailed Emefiele for the CBN’s effective management of the foreign exchange market and its intervention in the agricultural sector of the economy.
According to Nwosu, the CBN’s intervention has significantly increased the country’s rice production capacity.
He, however, noted that no matter how successful local rice production turns out to be, some Nigerians and others would continue to hanker after imported food.
Stressing that Nigerian-produced rice is much more nutritious than imported rice, he urged Nigerians to support the CBN in its effort to transform the country’s economy and make it more self-sufficient.
The ISAN founder also said that the CBN’s policy on interest rate on savings accounts had done a lot to free up funds for capital market investments, adding that this has opened a lot of opportunities for investors who are interested in dividends as well as others looking for capital appreciation.
He noted that although the economy has been ravaged by the COVID-19 crisis and other challenges, Emefiele deserved commendation, as he has done so much to make life better for the nation in these trying times.
It would be recalled that the CEO, Nigerian Stock Exchange (NSE), Oscar Onyeama, recently stated that the capital market had rallied due to some policies of the CBN.
He specifically cited the CBN’s policy barring domestic institutional investors from participating in the OMO market.

 

He noted that this policy had driven significant funds into the Nigerian Treasury Bills market and that some of the funds have also trickled down to the equity market.
According to Onyeama, this policy is a significant move in support of equities as an “asset class” because most investors are driven by yield.

 

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