Buhari Passes Vote Of Confidence On Emefiele’s Monetary Policy

President Muhammadu Buhari has passed a vote of confidence on the Governor, Central Bank of Nigeria, Godwin Emefiele.

Buhari who was speaking in an interview session with Bloomberg, said Emefiele is engendering an alternative economic model, which is novel and that Nigeria should be free to adopt.

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The president defended Emefiele’s role in mixing politics with his core role of monetary leadership, saying the “CBN’s board of directors (is) to determine whether a CBN governor’s actions have fallen foul of the laws.”

The president said, “The CBN governor is appointed by the President. But this appointment is subject to confirmation by the Nigerian Senate.”

He added that, as a consequence, “It will be for the CBN’s board of directors to determine whether a CBN governor’s actions have fallen foul of the laws in place to ensure he can most effectively carry out his duties.”

The president said, “Because the governor follows a model outside of the economic orthodoxy, he is labelled political. But the orthodoxy has proved wrong time and again,” Buhari added.

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“Instead, the governor is following an alternative economic model that puts people at the heart of policy. Nigeria should be free to choose its development model and how to construct our economy, so it functions for Nigerians.”

Buhari’s recurrent defence of the boss of the apex bank follows repeated calls for his removal even before his attempt to contest for the post of the president.

He was called out in 2019 for his tenure not to be renewed but the president went ahead.

This was after the country’s currency, the naira fell twice deepening the country’s forex sub-sector creating economic woes.

Emefiele created multiple forex regimes, to stem the tide of the weakening currency, which economists said only deepened the country’s economic woes.

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It led to several naira devaluation. But his tenure was renewed, making him the only CBN Governor since 1999 to have served two terms.

However, it was Emefiele’s entry into politics that has incurred public wrath and great disapproval against his continued stay in office.

The president however said the new management of the country’s monetary policy in relation to the economy has not been betrayed and the CBN board was well-positioned to decide on all things.

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