CEO of the Cowry Assets Management, Johnson Chukwu, has stated his expectations following the confirmation of Olayemi Cardoso as the 12th Governor of The Central Bank of Nigeria and four other deputy governors.
Cardoso, in his screening speech, stated plans to ensure the CBN grows the Nigerian economy in size to a staggering value of 1 Trillion Dollars in Gross Domestic Product in 8 years with the aid of fiscal reforms. To many , it’s achievable only of Cardoso can fix Nigeria’s current economic trench by working on its economic variables. The confirmation came after the emergency resignation of Godwin Emefiele from the position.
According to Johnson Chukwu in an ARISE NEWS interview on Wednesday, these plans are dependent on actions of fiscal authorities as well as his ability to control inflation rate which depends on control of exchange rate and food production as well as economic structural defects.
“To control the exchange rate, which is a third component of the price stability you have to either control either capital import or export earnings. Can you control export earnings if you cannot control your crude production which is basically at the footsteps of the executive government?
“To effect plans he’d need to look at what are the tools at my disposal and what is the environment I’m operating in? The environment today requires a lot of effectiveness in leadership and management from the executive arm of government to make monetary authorities effective in managing the price levels as well as managing the system.”
Another aim which Cardoso expressed that his administration would achieve would be establishing the independence of the CBN. According to Johnson, the appointment method used to instate the governor already puts them on a ‘hot stool’. He made an example of the abrupt removal of the two previous governors of the CBN. He expressed the need for laws that make it hard for the president to suspend them.
Despite Cardoso’s promises, many, including foreign authorities have questioned the integrity of the CBN especially after the President, in a conference in France, stated that the establishment was rotten and ordered its investigation.
Johnson defined integrity as the ability to walk the talk, then went further to say, “what we have had are instances where the cBN has breached the trust of the society.
According to the economist, “The Hallmark of it from the past administration was the naira depreciation. It was a situation where one of the roles of the central bank, which is maintaining the smooth flow of financial transactions was breached.”
He also ways and means funding breach to increase government fund allocation saying it disputes the bank’s transparency. He further stated that to achieve transparency, the CBN would need to put implementation of policies into the public space, correct failure to publish bank audit for over fine years and transparency on the Foreign exchange sector.
He also pointed out that it must work hand-in-hand with fiscal authorities and abiding by laws surrounding the sector.
“There should be an economic management team that will encompass the fiscal and monetary authorities and other things Discuss so that the two managers of the economy don’t move in opposite directions.”
Glamour Adah
Follow us on:
President Bola Tinubu on Friday declared that his purpose for seeking the nation's number one…
Kano state government is partnering Tony Blair Institute for Global Change to attract $23.5 million…
Nigeria's federal government has said it is currently reviewing the nation’s legal frameworks, among other…
The Nnamdi Azikiwe International Airport, Abuja, and the Port Harcourt International Airport have been recognised…
https://cdn.veri.app/13646108-d5ec-478b-a54c-b01f60dbca29.mp4 President Bola Ahmed Tinubu On Thursday directed Vice President, Kashim Shettima to lead Nigeria’s…
The United Sates (US) Vice President Kamala Harris has expressed her willingness to use her…
View Comments
NIGERIAN CUSTOM AUCTION OF MOTORCYCLE FOR SALE AT A CHEAPER RATE AND AFFORDABLE PRICE....
HAOJUE - bike #300,000
BAJAJ-. Bike #250,000
Commercial bike #260,000
Keeway- bike #320,000
Daylong bike #280,000
Scooter 🛵 bike #200,000
They are all in good perfect working condition with full options.
NOTE, DEPOSIT WILL BE MADE BEFORE DELIVERY 🚚. WE DELIVER NATIONWIDE. CALL officer MrsEze ON 09156089111
#BAGS OF RICE (50Kg)
👉SPECIAL RICE:- #18,500
👉MAMA AFRICA:- #18,500
👉 TOMATO RICE:- #18,500
👉CAP RICE:- #18,500
👉MAMA GOLD #18, 500
👉
ELEPHANT GOLD:- #18,500
👉 UMBRELLA:- #18,500
👉 RISING SUN:- #18,500
GALLON OF OIL
👉GINO OIL #10,500
👉 POWER OIL #10,500
👉 DEVON KINGS OIL #10,500
DELIVERY CHARGES FOR BAG/KEG IS....#2,000
WHICH MUST BE PAID FOR BEFORE DELIVERY COMMENCE
Some Auction Vehicles/Cars For Sale
Mama Africa #17,000 •Tomatoes Rice # *15,000* •Cap Rice #15,000 •My Food #17,000 •Mama Gold #17,500 •Ade Brazil #15,000 •Elephant Gold #15,000 •Royal Umbrella #15,000 Etc.
Golf3= 200,000
Camry Tinny-Light=350,000
Tundra 1,300,000
Toyota Exterra=850,000
Toyota Camry big daddy=650,000
Toyota Venza= 1.7million
Toyota Avalon=850,000
Toyota Rav4=950,000
Toyota Prado=1.3million
TOYOTA HILUX=2million
Toyota Sienna=650,000
TOYOTA 4-RUNNER=950,000
Toyota Corolla=650,000
Toyota Matrix= 650,000
Toyota Highlander=950,000
Toyota Picnic=500,000
Tacoma 1.850,000
Toyota Hiace Bus=950,000
Toyota Tundra=1.5million
Toyota Sequola=900,000
BMW 5-series=1.960,000
BMW 3-series=1.640,000
BMW X6=2.670,000
Ford Edge=1.400,000
Ford Escape=900,000
Honda Elantra=600,000
Honda Baby-Boy=700,000
Dyna Truck 900k
TIPPER Head 6mill
Honda Accord=550,000
Honda CRV=650,000
HONDA CIVIC=500,000
Crosstour N1.200,000
HONDA EVIL-SPIRIT=750,000
HONDA ODYSSEY=500,000
Honda Pilot=850,000
Nissan pathfinder=800,000
Nissan Amanda=750,000
Infinity=950,000
Benz C250=N1.300,000
Benz C300=1.6MILLION
Benz ML350=2 million
Benz ML300=1.5 million
Benz ML550=2.6million
Mercedes-Benz C-Class ₦1.3Million
Mercedes-Benz E-Class ₦1.8Million
Mercedes-Benz GLK ₦3.Million
Es330 1.6
Lexus C5 350=950,000
IS250 1m
Lexus Rx300=1.2 million
Lexus Rx330=1.5 million
Is350 2
Lexus Rx350= 2 million
ES350 2mill
Land Rover Discovery ₦3.2Million
Land Rover Freelander ₦3.6Million
Land Range Rover Sport ₦4Million
Acura MDX ₦1.8Million
Pequot 206=350,000
Pequot 406=470,000
Pequot 607=650,000
.....
(O91 5608 9111..