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Saturday, 19 November 2016

How I have saved Nigeria’s economy from total collapse – Emefiele


Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has said two policies he implemented have saved the country’s economy from total collapse.

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

According to Emefiele, these policies have made the recession less critical.


He said the first was ensiring 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.  The apex bank chief also said the adoption of Treasury Single Account has stopped sharp practices 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.

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