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Emefiele Pumped ₦‎10Tn Into Economy Through Quasi-Fiscal Activities – Cardoso - Politics - Nairaland

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Emefiele Pumped ₦‎10Tn Into Economy Through Quasi-Fiscal Activities – Cardoso by emkz: 5:50am On Nov 25, 2023
The Governor of the Central Bank of Nigeria, Dr Olayemi Cardoso, has said that the apex bank will be asking Deposit Money Banks to increase their capital base in order to service the $1tn economy projected by President Bola Tinubu.

Speaking on Friday at the 58th Annual Dinner of the Chartered Institute of Bankers of Nigeria in Lagos where he was the special guest of honour, Cardoso said, "In my recent speech at the 370th Bankers' Committee meeting, I highlighted the economic agenda of the President. The administration has set an ambitious goal of achieving a GDP of $1tn over the next seven years.

"Attaining this target necessitates sustainable and inclusive economic growth at a significantly higher pace than current levels. It is crucial to evaluate the adequacy of our banking industry to serve the envisioned larger economy.

"It is not just about its current stability. We need to ask ourselves, can Nigerian banks have sufficient capital relative to the finance system needs in servicing a $1tn economy in the near future, in my opinion, the answer is no, unless we take action. As a first test, the central bank will be directing banks to increase their capital.

He also blamed the recent negative perception of the apex bank on corporate governance failure, diminished independence and deviation from the core mandate, inefficient forex rules, and venture into development financing.

He added, "The removal of petrol subsidy and the adoption of a floating exchange rate and other government policies are anticipated to have a positive effect on the economy in the medium term.

"These measures are expected to enhance investors’ confidence, attract capital inflow, stimulate domestic investors and ultimately improve the level of external reserves. Additionally, they are expected to contribute to the stability of the local economy.

"Despite the challenging global and local economic environment, Nigeria's financial sector has demonstrated resilience in 2023 with key indications of financial soundness largely meeting regulatory benchmarks.

"Stress test conducted on the banking industry also indicates its strength under mild to moderate scenario on sustained economic and financial stress. Although there is room for further strengthening and enhancing resilience to shocks. Therefore, there is still much to be done in fortifying the industry for future challenges."

Cardoso also noted that the previous forex ban on those 43 items widened the gap between official and parallel market rates.

Speaking on the activities of the CBN before his appointment, Cardoso stated that the quasi-fiscal policies of his predecessor, Mr Godwin Emefiele, resulted in N10tn being pumped into the economy through intervention programmes.

He said,"I am aware that events over the past few years have also put the CBN in a bad light. These issues can be attributed to various factors, such as corporate governance failures, diminished institutional autonomy of the Central Bank of Nigeria, a deviation from the core mandate of the Bank, unorthodox use of monetary tools, an inefficient and opaque foreign exchange market that hindered clear access, a foray into fiscal activities under the cover of development finance activities. There was also a lack of clarity in the relationship between fiscal and monetary policies, among other challenges.

"Hitherto, the CBN had strayed from its core mandates and was engaged in quasi-fiscal activities that pumped over N10tn into the economy through almost different initiatives in sectors ranging from agriculture, aviation, power, youth and many others. These clearly distracted the bank from achieving its own objectives and took it into areas where it clearly had limited expertise."

The apex bank boss however promised that the issues affecting the bank would be tackled under his watch.

He said, "Under my leadership, the Central Bank of Nigeria will vigorously address these issues. We will tackle institutional deficiencies, restore corporate governance, strengthen regulations, and implement prudent policies. We assure investors and the business community that the economy will experience significant stability in the short-to-medium term as we recalibrate our policy toolkits and implement far-reaching measures."

The President/Chairman-of-Council at the CIBN, Ken Opara, in his welcome address, pointed out that governors of the CBN as the guest speaker had historically used the platform to share perspectives on economic and financial market development in the current year and provide insights into its economic outlook for the year ahead.

Opara went on to highlight some of the initiatives from the CBN since Cardoso took office and stated that there was still much to do.

"It is important to mention that within the short time in office, the Central Bank governor has activated some key initiatives aimed at repositioning and stabilising the economy.

"I will mention a few, focusing on the core monetary mandate of price and exchange rate stability, the unification of the exchange rate, and initiating steps to improve liquidity in the foreign exchange market, therefore achieving real positive change.

"We are on a journey and we are not yet there but we believe that we are progressing as we are not oblivious of the inflationary pressure that has intensified and has reached a high of an all-time high of 27.33 per cent in October 2023 while the exchange rate continues to rise. We believe that the focus should continue to be on reforms and incentives that will boost non-oil export revenue as well as attract Diaspora and foreign portfolio investment.

Lagos governor, Mr Babajide Sanwo-Olu, represented by the Commissioner of Finance, Abayomi Oluyomi, in his goodwill message said, "In the last few months, we have witnessed what have been described as the new dawn in the management of our monetary policy and fiscal policy in line with the renewed hope agenda of the current administration led by President Bola Tinubu.

"I am confident that in the first full fiscal year of this administration and the management of the Central Bank of Nigeria under Dr Yemi Cardoso, these anticipated positive impacts of the monetary and fiscal policies of the new administration will fully manifest in our macro and micro economic indices, most importantly, for us as politicians, in the living conditions of our people."

https://punchng.com/emefiele-pumped-n10tn-into-economy-through-quasi-fiscal-activities-cardoso/?amp

23 Likes 1 Share

Re: Emefiele Pumped ₦‎10Tn Into Economy Through Quasi-Fiscal Activities – Cardoso by Bobloco: 5:54am On Nov 25, 2023
This patch patch CV CBN governor is yet to convene a MPC meeting since coming onboard

67 Likes 5 Shares

Re: Emefiele Pumped ₦‎10Tn Into Economy Through Quasi-Fiscal Activities – Cardoso by IVORY2009(m): 5:56am On Nov 25, 2023
grin
Re: Emefiele Pumped ₦‎10Tn Into Economy Through Quasi-Fiscal Activities – Cardoso by LibertyRep: 6:05am On Nov 25, 2023
Na all of una Sabi.

Just revamp the economy, we don't want blame games any longer.

32 Likes 2 Shares

Re: Emefiele Pumped ₦‎10Tn Into Economy Through Quasi-Fiscal Activities – Cardoso by wizelink(m): 6:05am On Nov 25, 2023
Mr. Do your work and stop blame game

57 Likes 8 Shares

Re: Emefiele Pumped ₦‎10Tn Into Economy Through Quasi-Fiscal Activities – Cardoso by Moony45: 6:06am On Nov 25, 2023
Emefiele don run Nigeria grin

17 Likes 6 Shares

Re: Emefiele Pumped ₦‎10Tn Into Economy Through Quasi-Fiscal Activities – Cardoso by Jarmoski123: 6:06am On Nov 25, 2023
You have started again, this is how Buhari started too. We all knows the end of it

65 Likes 9 Shares

Re: Emefiele Pumped ₦‎10Tn Into Economy Through Quasi-Fiscal Activities – Cardoso by Matinox: 6:06am On Nov 25, 2023
I hope my fears will be wrong.
This guy is sounding more like a politician than an intellectual.

78 Likes 9 Shares

Re: Emefiele Pumped ₦‎10Tn Into Economy Through Quasi-Fiscal Activities – Cardoso by LORDLARGE(m): 6:07am On Nov 25, 2023
He raised some valid points up there though...

65 Likes 5 Shares

Re: Emefiele Pumped ₦‎10Tn Into Economy Through Quasi-Fiscal Activities – Cardoso by crossfm: 6:07am On Nov 25, 2023
Hehehe.

Here they go again, blame games.

Do your job oga grin cheesy

33 Likes 8 Shares

Re: Emefiele Pumped ₦‎10Tn Into Economy Through Quasi-Fiscal Activities – Cardoso by bigiyaro(m): 6:07am On Nov 25, 2023
Una dey blow Grammer inside AC....dollar is still above 1k. Yoruba elders are still lamenting about insecurity and hunger.

25 Likes 3 Shares

Re: Emefiele Pumped ₦‎10Tn Into Economy Through Quasi-Fiscal Activities – Cardoso by Cmeo(m): 6:07am On Nov 25, 2023
This is a smart strategic move, I swear.

Through this, Yemi Cardso has given them a job to be looking for investors that will help shore-up their capital instead of looking for people who they will help with dollar speculation (as most of their top icons do now). Yemi has turn them to "invest in my business" marketers now instead of the Emefiele's style "buy low, sell high" marketers. This will help our naira in the mid-term as they will be forced to approach their dollar speculator customers to help their capital thereby reducing the fund availability for dollar speculation. I pray it is implemented soon.

75 Likes 5 Shares

Re: Emefiele Pumped ₦‎10Tn Into Economy Through Quasi-Fiscal Activities – Cardoso by fnep2smooth(m): 6:09am On Nov 25, 2023
Emefiele don hear am......

but i have no pity for him.... even in kuje prison i believe his cell will have AC and DSTV.

No be Naija we dey

16 Likes 1 Share

Re: Emefiele Pumped ₦‎10Tn Into Economy Through Quasi-Fiscal Activities – Cardoso by emkz: 6:09am On Nov 25, 2023
Bottoming, CBN engaged in activities that were not part of the core mandate and that they had limited expertise, like agriculture, aviation and youth matters.

They injected funds into the economy without wisdom.

Emefiele crashed the economy.

52 Likes 4 Shares

Re: Emefiele Pumped ₦‎10Tn Into Economy Through Quasi-Fiscal Activities – Cardoso by frankson1(m): 6:10am On Nov 25, 2023
If only these words and plans could be converted to actions and results.

8 Likes

Re: Emefiele Pumped ₦‎10Tn Into Economy Through Quasi-Fiscal Activities – Cardoso by Godfullsam(m): 6:10am On Nov 25, 2023
Emiefele goofed a lot. An experienced banker who allowed himself to be controlled by an abokis just because he wants to remain in the good book of Buhari.

He will go down as the most incompetent, corrupt and clueless CBN Governor ever.
Imagine helping Buhari to print money illegally, borrowing money recklessly and pumping money into the system any how.

No wonder there is inflation and a lot of foreign and domestic debts with nothing to show for it.

61 Likes 8 Shares

Re: Emefiele Pumped ₦‎10Tn Into Economy Through Quasi-Fiscal Activities – Cardoso by BigBlackPreek(m): 6:12am On Nov 25, 2023
Nawa o, I no even understand again self...... God dey sha

2 Likes

Re: Emefiele Pumped ₦‎10Tn Into Economy Through Quasi-Fiscal Activities – Cardoso by AOB1: 6:13am On Nov 25, 2023
embarassed
Re: Emefiele Pumped ₦‎10Tn Into Economy Through Quasi-Fiscal Activities – Cardoso by theophorus(m): 6:13am On Nov 25, 2023
Chai Uncle Godwin really mess up ooo.

But no lele, Sha, make una wen dey there now begin clear the mess.

7 Likes 1 Share

Re: Emefiele Pumped ₦‎10Tn Into Economy Through Quasi-Fiscal Activities – Cardoso by Thisis2raw(m): 6:13am On Nov 25, 2023
Emefiele is supposed to locked and the key thrown into the river.

24 Likes 1 Share

Re: Emefiele Pumped ₦‎10Tn Into Economy Through Quasi-Fiscal Activities – Cardoso by nedu666: 6:13am On Nov 25, 2023
He did not pump 10 trillion into any economy, he pumped it into some people pocket and bank accounts. Those ones used it to marry new wives, acquire softer gfs, built mansions, bought rolls and Bentley and then used the balance to buy any forex available

50 Likes 5 Shares

Re: Emefiele Pumped ₦‎10Tn Into Economy Through Quasi-Fiscal Activities – Cardoso by money121(m): 6:13am On Nov 25, 2023
Ok
Re: Emefiele Pumped ₦‎10Tn Into Economy Through Quasi-Fiscal Activities – Cardoso by frankson1(m): 6:14am On Nov 25, 2023
Matinox:
I hope my fears will be wrong.
This guy is sounding more like a politician than an intellectual.




Emefiele was the politician.

I had never seen a CBN governor who was a core politician and played politics at the same time.

38 Likes 7 Shares

Re: Emefiele Pumped ₦‎10Tn Into Economy Through Quasi-Fiscal Activities – Cardoso by ArmaniUhuru: 6:14am On Nov 25, 2023
Emiefwele, efiemele, ewefiele!

4 Likes

Re: Emefiele Pumped ₦‎10Tn Into Economy Through Quasi-Fiscal Activities – Cardoso by potent5(m): 6:15am On Nov 25, 2023
Media trial as usual. If you know emefiele committed any offence, report it to the police for prosecution. Face your job and stop disturbing us.

21 Likes 4 Shares

Re: Emefiele Pumped ₦‎10Tn Into Economy Through Quasi-Fiscal Activities – Cardoso by Poll23: 6:16am On Nov 25, 2023
He should be make to vomit all what they swallowed.... their recklessness has plunged this country into a greater problem and only bigots can't understand this

2 Likes

Re: Emefiele Pumped ₦‎10Tn Into Economy Through Quasi-Fiscal Activities – Cardoso by flexyrule(m): 6:16am On Nov 25, 2023
Agric

1 Like

Re: Emefiele Pumped ₦‎10Tn Into Economy Through Quasi-Fiscal Activities – Cardoso by Nobody: 6:17am On Nov 25, 2023
Hmm
Re: Emefiele Pumped ₦‎10Tn Into Economy Through Quasi-Fiscal Activities – Cardoso by Omalicious1: 6:18am On Nov 25, 2023

5 Likes

Re: Emefiele Pumped ₦‎10Tn Into Economy Through Quasi-Fiscal Activities – Cardoso by DesChyko: 6:18am On Nov 25, 2023
How do banks increase their capital base in a way that the citizens remain unaffected, especially as the economy is.

6 Likes

Re: Emefiele Pumped ₦‎10Tn Into Economy Through Quasi-Fiscal Activities – Cardoso by Dicoomoba: 6:18am On Nov 25, 2023
frankson1:
If only these words and plans could be converted to actions and results.

Trust them bro I swear they will revamp the economy

4 Likes

Re: Emefiele Pumped ₦‎10Tn Into Economy Through Quasi-Fiscal Activities – Cardoso by Bar1941(m): 6:18am On Nov 25, 2023
Emefiele really took advantage of Buhari's dullness. That guy really bastardised the economy of Nigeria and the effect is what we are seeing now.

17 Likes

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