By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)- Godwin Emefiele who assumed office two (2) days ago as the eleventh governor of the central bank of Nigeria (CBN) Thursday unveiled a 10 point agenda to run the apex bank as he has advocated for lower interest rate.
Below is the 10 point agenda:
- Pursue a gradual reduction in key interest rates, and include the unemployment rate in monetary policy decisions;
- Maintain exchange rate stability and aggressively shore up foreign exchange reserves;
- Strengthen risk-based supervision mechanism of Nigerian banks to ensure overall health and banking system stability;
- Build sector-specific expertise in banking supervision to reflect loan concentration of the banking industry;
- In view of inadequate trigger thresholds from a macroprudential perspective, consider and announce measures to effectively address this anomaly;
- Abolish fees associated with limits on deposits and reconsider ongoing practice in which all fees associated with limits on withdrawals accrue to banks alone;
- Introduce a broad spectrum of financial instruments to boost specific enterprise areas in agriculture, manufacturing, health, and oil and gas;
- Establish Secured Transaction and National Collateral Registry as well as establish a National Credit Scoring System that will improve access to information on borrowers and assist lenders to make good credit decisions;
- Build resilient financial infrastructure that serves the needs of the lower end of the market, especially those without collateral;
- Renew vigorous advocacy for the creation of commercial courts for quick adjudications on loan and related offences.
