By Tony Obiechina, Abuja
A university lecturer, Prof Uche Uwaleke has hailed the reappointment of Mr Godwin Emefiele for a second term as the Governor of the Central Bank of Nigeria, (CBN) by President Muhammed Buhari, saying it is a good omen for the capital market.
The President had on Thursday nominated Emefiele for another five-year tenure. He was first appointed in 2014 by former president Goodluck Jonathan and was retained when Buhari came to office in 2015.
Uwaleke who is a professor of capital market and head of Finance and Economic department, Nasarawa State University, Keffi, said in a statement in Abuja on Thursday that the re appointment “is good omen for the capital market”.
“It is one development that speaks to policy consistency and will further consolidate macroeconomic stability especially with respect to exchange rate and inflation”, he said.
According to him, “Investors both domestic and foreign, can have some degree of confidence in the direction of monetary policy which is positive for the capital market”.
“One thing is now certain: that the interventions by the CBN in critical sectors of the economy especially agriculture and non-agric based SMEs will continue. These will rub off positively on economic recovery efforts especially now that the CBN under Emefiele has signaled an accommodative monetary policy stance. It is equally positive for financial systems stability.
“So, I expect a positive reaction. Going forward, I would like to see an intensification and effective monitoring of the interventions in particular the Anchor Borrower programme.
“Emefiele should also focus on ensuring increased access to credit by SMEs and generally fostering a low interest rate environment with the support of fiscal authorities”, the university don added.
