Brethren, surely “Obi” won’t continue to be a boy as it is vastly noted or cited; rather, he’s expected to become a full-fledged man some day. In other words, change remains inevitable.
The period between 1892-1952 (about 60 years interval), there was an enquiry by the then colonial administration to investigate banking practice in Nigeria. The G.D. Paton’s report which emanated from the enquiry was the basis for the first Banking Ordinance of 1952. The ordinance was designed to ensure orderly commercial banking and to prevent the establishment of unviable banks. In view of this, a draft legislation for the establishment of Central Bank of Nigeria (CBN) was presented to the House of Representatives in March 1958. The Act was duly implemented on July 1, 1958 when the CBN came into full operations.
Since then, the CBN has taken full responsibility over nurturing the money and capital markets. In subsequent to this, the CBN introduced treasury bills in 1960, treasury certificate in 1968, and facilitated the establishment of Lagos Stock Exchange in 1961. It also went further to institute the Capital Issue Committee now known and addressed as the Securities and Exchange Committee in the early 1970s.
Considering the Currency Management Section of the CBN, it is worthy to note that the Naira notes and coins are invariably printed/minted by the Nigerian Security Printing and Minting (NSPM) Plc and other overseas printing/minting companies, and thereafter issued by the said bank. At the currency printing works of the NSPM Plc, quality is meticulously controlled throughout every process of currency production. This, no doubt, guarantees that every note issued by the CBN meets the required standard. The CBN maintains an office referred to as Mint Inspectorate in the premises of the MSPM Plc to maintain security and quality of Naira notes and coins. This implies that the CBN has, since inception of duty, been in charge of standardization of the Nigeria’s currency otherwise recognized as “the Naira”.
The CBN undertakes Monetary Policy in order to: maintain Nigeria’s external reserves to safeguard the international value of the legal currency; to promote and maintain the monetary stability and a sound/efficient financial system in Nigeria; to act as Banker and Financial Adviser to the Federal Government; and finally, to act as lender of last resort to commercial banks.
Since the establishment of the CBN in 1958, the so far governors (bosses) of the bank implemented their respective policies regarding the monetary system of the country’s financial industry. The 9th substantive boss of the apex bank in the person of Professor Charles Chukwuma Soludo introduced one of the most controversial policies since the history of the bank, which was tagged “Consolidation”, and it worked effectively. It was a measure that fetched the man in question a well respected and renowned named as a financial personnel.
Subsequently, Mallam Lamido Sanusi being the 10th substantive governor of the bank, came up with his “Cashless Policy”; a policy Nigeria at large will live to testify its goodness. Let’s ride on!
As Mr. Godwin Emefiele assumes duty as the 11th substantive governor of the apex bank amidst tough challenges, he is meant to note that all eyes are on him as regards reshaping and as well restoring the unstable and “drowsy” Nigerian economy, which is spearheaded by the famous Central Bank of Nigeria (CBN).
Frankly, Emefiele’s appointment as the CBN boss comes at a time Nigeria’s financial industry is undergoing severe tension following the uncertainties that trail the nation’s currency, the Naira. Analysts and financial professionals are profoundly of the view that, enormous effort is immensely needed to drive the Nigeria’s economy to greater destinations.
Prior to his present position, he was the Chief Executive Officer (CEO) cum Group Managing Director (GMD) of Zenith Bank Plc – one of the most respected financial institutions in the whole of Nigeria and across Africa as well; a position he assumed on August 1, 2010. Reports hold that he obtained both Bachelor and Masters (MBA) Degrees in Finance and Banking from the prestigious University of Nigeria, Nsukka (UNN).
Based on these track records, it is widely in speculation that the long awaited promise-land in regard to the Nigeria’s financial cum economic status would no doubt be embraced in no distant time by the anticipated effort of the aforementioned banking guru. He has already stated during his media briefing that, CBN will reduce “High Interest Rates” presently taking place in commercial banks and also ensure “Exchange Rate Stability” thereby raising the value of the local currency (the Naira), among other worthwhile policies he stipulated. Such statement was truly a way forward.
Notwithstanding, most Nigerians are only interested in pragmatic and dogged approach coupled with financial activism in respect to simplifying or unravelling the ongoing economic/financial complexity and crises in the Nigerian state. This is one good reason the present CBN boss ought to be extremely careful and alert towards carrying-out the statutory duties that await his person, because the citizens don’t expect Second Best, rather Second to None; apparently they expect nothing less than “the Best” from him.
He shouldn’t forget in a hurry that, he assumes office as the 11th substantive governor of the Central Bank of Nigeria amid tremendous challenges coupled with various mixed feelings and reactions among the citizenry. In view of this, he must be ready to face the so-called challenges squarely or better still look at them (the challenges) in their respective faces to ensure that our “vulnerable” currency is duly standardized.
Needless to say; he (Godwin Emefiele) ought not to let Dr. Goodluck Jonathan regret over the nomination he made owing to his Presidential Immunity on 20th February 2014. For crying out loud; it’s high time “Obi” became a full grown man. Think about it!
COMR. FRED NWAOZOR
Owerri-based Social analyst & activist
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frednwaozor@gmail.com
+2348054719437
