Emefiele: My Mandate as CBN Gov Beyond Exchange, Interest Rates

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Godwin Emefiele

Deji Elumoye in Abuja

The Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, yesterday said his brief goes beyond bank’s interest or exchange rates.

Emefiele who appeared before the Senate Committee on Finance emphasised that the apex bank’s mandate is not just about interest rates or exchange rates “but how does decision on exchange rates and interest rates impact positively on the lives of our people”.

He added that “you would have observed through our activities and pronouncements that we are doing the little we can to the development of the country”.

According to him, the CBN has its core mandates that are enshrined in the 2007 Central Bank of Nigeria Act as amended, which include maintaining price and monetary stability depending on the currency of the country.

Other functions of the apex bank, according to him, include acting as financial adviser to the Federal Government of Nigeria.

“In the area of monetary policy, I am trying as much as possible to ensure that monetary policies decisions are those that would impact positively in the lives of the people.

He however refused to comment on the issue of stamp duty, stressing that “due to the fact that the stamp duty matter and other related matters are currently at the High Court, I would like to crave your kind indulgence to permit us to speak off camera”. The request was granted by the Committee Chairman, Senator Olamilekan Adeola

Emefiele had earlier apologised over his inability to appear before the committee on Monday saying “I apologise for my absence at the committee’s sitting yesterday (Monday). I was unfortunately held down in another assignment where I was with the vice president of the country.

“I want to put on record that the Central Bank of Nigeria recognises the special roles and the responsibilities of not only the Senate, the National Assembly but also the Senate Committee on Finance in the overall development of Nigeria regarding the banking industry.

Earlier, Senator Adeola had stressed that the CBN governor was invited to shed more light on how stamp duty under his watch has been performing.

“We also want to know what should be our expectations in this year’s budget and how revenue from stamp duty could work for us in the 2020 Appropriation Act. We also want you to brief us on the profile of Nigeria as a country in terms of monetary policies, as it affects the economy of the country”, he added.