ADP urges restraint on renewal of Godwin Emefiele’s tenure at CBN.

Emefiele CBN tenure renewal

ADP urges restraint on renewal of Godwin Emefiele’s tenure at CBN.

The Action Democratic Party (ADP) has urged the Federal Government to exercise caution over its decision to renew Governor of Central Bank of Nigeria (CBN), Godwin Emefiele’s tenure at the apex bank.

  National Chairman of the party, Yusuf Yabagi Sani, who stated this at a media briefing after its 15th National Working Committee (NWC) meeting, enjoined President Muhammadu Buhari to inject new blood into the CBN to revive the nation’s economy.

  It argued that an ideal CBN governor should be capable of immediately initiating the convergence of foreign exchange (FOREX) multiple rates and ensure adequate allocation to the real sector.

  The party stressed that whoever emerges CBN governor should be able to reduce the billions of dollars used to stabilize the Naira to enable sufficient inflow of foreign exchange to boost not only the real sector but also increase economic productivity and a stronger Naira.

  While commending the government for increasing minimum wage for workers, it maintained that the implementation should take immediate effect to stave-off the resultant inflationary tendency on workers’ purchasing power.

  It argued that the Nigerian economy has the capacity to pay not less than N100, 000 living minimum wage monthly.

  The party, however, commended President Buhari for his stance on local governments autonomy to ensure availability of funds for grassroots development in line with the country’s Revenue Sharing Formula.