NairaMan Forum

Welcome, Guest: Join NairaMan / Login / Trending / Recent / New
Stats: 2,217 members, 5,871 topics. Date:   January 16, 2018, 4:45 pm | 0809 633 9911

REVEALED: How i saved Nigeria’s economy – CBN governor - Politics - NairaMan

NairaMan Forum / Politics / REVEALED: How i saved Nigeria’s economy – CBN governor (1 Post | 215 Views)

See 11 African presidents with the most presidential jets / BREAKING: PDP reacts to DSS, Police call for postponement of Edo elections / INEC bows to Senate pressure as Rivers rerun gets new date /

(1) (Reply) (Go Down)

REVEALED: How i saved Nigeria’s economy – CBN governor by yungcrae(: 1:05 pm On Nov 19, 2016

Godwin Emefiele, governor of Nigeria’s apex bank, Central Bank of Nigeria (CBN) has revealed how he saved the nation’s economy from collapsing.

Mr Emefiele pointed out two policies he implemented which has not only saved the economy from total collapse but also reduce the impact of the current economic recession on Nigerian.
According to him, the first way he achieved that, was to ensure bank recapitalization.

“For instance, prior to recapaitalition, the total number of commercial banks could not match asset base of a single South African bank. But this is not the case anymore as our banks are now robust.” he said.

Secondly, the adoption of the Treasury Single Account (TSA) was targeted at blocking loopholes in the banking sector.

“The same goes for TSA which removed sharp practices in some banks as instances arose where you had banks using government money lodged with them to buy government bonds.

“In other words, government was buying bonds back with their own cash through these banks which basically reaped the system,” Emefiele added.

Mr Emefiele said this while speaking at the All Civil Society National Economic Summit in Abuja, in a message conveyed by his aide, Emmanuel Ukeje.


(1) (Reply)

INEC demands 2.2million to provide APC with anambra election documents / Member of Buhari’s cabinet exposes reasons why APC leaders are fighting each other / Wike sacks his SSA on Protocol /

Viewing this topic: 1 guest viewing this topic

(Go Up)

NairaMan - Copyright © 2012 - 2015 John Onam. All rights reserved. See NairaMan and NairaBlog
Disclaimer: Every NairaMan member is solely responsible for anything that he/she posts or uploads on NairaMan.