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Godwin Emefiele Reshuffles Three CBN Deputy Governors

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Governor of the Central Bank of Nigeria, Godwin Emefiele has reshuffled the management team of the country's apex bank in line with his vision for a people focused bank.

The development was confirmed in a statement issued by Mr. Isaac Okoroafor of the Corporate Communications Department of the CBN.

The redeployment now see's Suleiman Barau as Deputy Governor Operations while Kingsley Moghalu is redeployed as Deputy Governor Financial Systems Stability Directorate, Adebayo Adelabu is now Deputy Governor in charge of Corporate Services and Sarah Alade retains her position as the Deputy Governor, Economic Policy Directorate.

The redeployments take effect from Monday 23rd of June 2014 and the CBN Governor says he expects the move to contribute to the apex bank being a model to delivering price and financial system stability and promote sustainable economic development.

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.

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.”

He had stated that the bank would be repositioned into an institution that would dissipate its energies into building a resilient financial system that would serve the growth and development needs of the country.

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.

Meanwhile, the CBN on Wednesday unveiled plans to establish a National Credit Scoring System to enhance access to credit.

Emefiele disclosed this while speaking at a seminar on 'Rebasing of Nigeria's economy and implication for the Financial Sector Strategy 2020'.

He said since the rebasing of the country's Gross Domestic Product had revealed the changes in the structure of the economy, there was the need or the bank to make funds available to employment-generating sectors.

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.