Following the suspension of Godwin Emefiele as the Central Bank of Nigeria (CBN) Governor, an industry expert is urging the appointment of a seasoned policy-oriented economist who possesses a deep understanding of the macroeconomy and can uphold the integrity and professionalism of the office.
In light of this, economists Prof. Hassan Oaikhenan and Sheriffdeen Tella stress the significance of competence, professionalism, and a comprehensive knowledge of the macroeconomy when selecting the next CBN Governor.
Prof. Oaikhenan suggests that the government should prioritize professionalism over political considerations during the appointment process.
He recommends considering candidates beyond the traditional pool of commercial banks, which has been the customary source for CBN governors in Nigeria.
As evidence, he cites the appointments of Mark Carney, a Canadian economist, as the Governor of the Bank of England, and Raghuram Rajan, an economist at the IMF, as the Governor of the Reserve Bank of India, highlighting their competence as guiding factors.
Additionally, Prof. Oaikhenan expresses disappointment in Emefiele’s performance as CBN Governor, alleging that he transformed the bank into a political institution and launched agricultural produce pyramids for show rather than practical purposes.
Consequently, he believes that Emefiele’s actions have significantly diminished the prestige of the CBN Governor’s office.
Prof. Tella also criticizes Emefiele’s policies, pointing out their inconsistencies, which have led to domestic shocks and a loss of faith in banking services.
He recommends that the next CBN Governor possess an in-depth understanding of central banking as a regulator and prioritize effective monetary policy management
