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NIGERIA: Emefiele Redeploys Three CBN Deputy Governors

 The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has approved the redeployment of three deputy governors of the bank.

Those affected are Dr. Kingsley Chiedu Moghalu, Alhaji Suleiman Barau and Mr. Adebayo Adelabu.

With the changes, Barau who was the Deputy Governor, Corporate Services Directorate is now the deputy governor, Operations Directorate.

Also, Moghalu who was in charge of Operations was returned to the Financial Systems Stability (FSS) Directorate which he was overseeing until early this year, while the Adelabu who was recently appointed the deputy governor in charge of FSS is now the Deputy Governor, Corporate Services.

However, Dr. Sarah Alade retains her position as the Deputy Governor, Economic Policy Directorate.

The move, according to a statement from the CBN was in line with Emefiele’s vision of entrenching a more professional and people-focused central bank.

“These redeployments, which take effect from Monday 23rd June 2014, are expected to contribute to the Bank’s vision of being the model central bank delivering price and financial system stability and promoting sustainable economic development.

“Our esteemed stakeholders and the general public are requested to take note of the changes,” it explained.

Emefiele had while unveiling his monetary policy agenda recently said his policies would be people-centric.

He said he was committed to running a central bank that is not only professional and apolitical but also people-focused and "which would spend its energy on building a resilient financial system that can serve the growth and development needs of our beloved country, Nigeria."

On the lowering of interest rates, Emefiele said the policy would be aimed at seeking a reduction in overall lending rates to make it cheaper to invest, although he didn't give a time frame for doing so, leaving it open for him to hold off until the monetary conditions allow it.

He had said the CBN would in the meantime continue to maintain a monetary policy stance to reflect the liquidity conditions in the economy as well as the potential fiscal expansion in the run-up to the 2015 general election.

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