The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, says the Nigerian economy had survived several headwinds and economic turmoil due to the apex bank’s application of homegrown policy measures.
He made this statement yesterday at the Bankers’ Committee Meeting held in Lagos.
At the meeting, Emefiele disclosed that while the Nigerian economy has been engulfed by many crises, like many other countries of the world, it has been able to relatively withstand the storm and performed far better than many of its pairs.
This, he said, is courtesy of CBN’s bespoke and ingenious approach to adopting well-thought-out and home-grown policy measures to address our macroeconomic challenges.
His words, “Monetary policy has been severely challenged, as its policy space narrowed significantly, in some cases, paradoxically and necessitating the need to rethink monetary policy in the context of emerging challenges and economic transformation.”
Speaking on the theme: “Monetary Policy Implementation in a Digitally evolving Developing Economy’, Emefiele said the evolution of Fintechs, cryptocurrencies, digital payments, artificial intelligence, and machine learning, have changed the functioning of the financial and banking sectors, both globally and domestically.
“Therefore the urgent call for the need to rethink financial system regulation, supervision, and monetary policy implementation. While the innovations come with a lot of risks and uncertainties for the sectors, they also have many benefits for positive economic transformation and particularly, financial inclusion which has been the principal catalyst for inclusive growth, poverty reduction, and employment generation.”
