Nigeria’s economy has fared better than many of its rivals, according to Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), thanks to the bank’s unique, homegrown, and clever strategy.
This was revealed by Emefiele in his opening remarks at the MPC’s 2022 retreat, “Monetary policy implementation in a digitally-evolving, developing economy,” held on Friday in Lagos.
Emefiele claims that the development of fintech, cryptocurrencies, digital payments, artificial intelligence, and machine learning has altered how the financial and banking industries operate both locally and internationally.
“Therefore, the urgent call for the need to rethink financial system regulation, supervision, and monetary policy implementation.
“While the innovations come with a lot of risks and uncertainties for the sectors, they also have many benefits for positive economic transformation and particularly, financial inclusion which has been the principal catalyst for inclusive growth, poverty reduction, and employment generation,” he said.
“We have seen what is happening in the global economy and we are going to be addressing those issues and see if we can chart a new course and what next we should do in the coming years to see to it that we provide monetary policy direction for the Nigerian economy.
“So, we would be expecting new ideas, new strategies on monetary policy in a digitised global economy, what we are going to be doing in light of the challenges posed by fintech, cryptocurrencies agents globally, and what direction to take.
“I can assure you that after this meeting, we would see a new improved monetary policy and a new and improved CBN that would provide direction for monetary policy in Nigeria.”
