The Nigerian Economic Society has identified two areas in which it hopes to enhance cooperation in order to support development and growth with the Central Bank of Nigeria.
The Punch reported that the governor of the Central Bank of Nigeria, Dr. Olayemi Cardoso, received a courtesy visit from the President of NES, Prof. Adeola Adenikinju, according to a statement released by the Society.
According to Adenikinju, in order to fulfil its main mandates, the group will work with the central bank on research.
“We believe that NES can play a significant role in helping the bank deliver on its mandates in two key areas of need. First, despite the bank’s enormous potential and resources for research, evaluations of the efficacy of the bank’s own policies and interventions are best undertaken by independent reputable external entities, in line with international best practices, and are regarded more credible.”
“Secondly, cooperation with NES can concentrate on advocacy, highlighting particular issues that the bank may select from time to time, thus enhancing the bank’s communication of policy.”
The head of NES also praised the actions taken in June by the apex bank to balance the backlogs in FX demand and to unify the various segments of the foreign exchange market.
In order to take into account the distinctive features of the Nigerian economic environment, Adenikinju demanded that the country’s monetary architecture be reconfigured.
