The Founder of Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu has hailed the recent monetary policy initiatives of the Central Bank of Nigeria (CBN), Governor, Godwin Emefiele.
Speaking in a chat with the Media he said the Governor has enabled the economy through the capital market, saying that the CBN has a perspective that looks out for the betterment of the whole economy rather than seeing it just from the money-market sector.
Going further,he thanked Emefiele for the apex banks effective management of the foreign exchange market and his intervention in the Agricultural sector of the economy to support Nigerian farmers in order to boost local food production.
Sir Nwosu is of the view that rice production in some parts have upped our capacity in rice production. but says no matter how successful local rice production turns out to be that some Nigerians and others would continue to hanker after foreign imported food. But expressed the hope that many of the so called foreign rice are not re-bagged local rice made to deceive the imported- rice “”crazy” consumers
However, he declared that Nigerian produced rice is much more edible and nutritious than some imported rice and that Nigerians should support CBN in its effort to transform our economy and make it more self sufficient.
Also, the ISAN founder said the CBN policy as regards to interest rate on savings accounts have done a lot to free up funds for capital market investments, saying that this has opened a lot of opportunities who are interested in dividends as well as others looking for capital appreciation.
He posited that although the economy has been ravaged by the Covid-19 pandemonium as well as other challenges but that he duffs his hat for the CBN Governor as he has done so much to make life better for the nation in this trying times.
Recently Oscar Onyema, CEO ,Nigerian Stock Exchange(NSE) posited that the capital market had rallied due to the excellent policies of the Central Bank of Nigeria(CBN),saying that investors are generally reacting to policy changes as economies open up and world economies enter a recovery mode.
Some of the policy changes he praised, according to reports, include; CBN policy that domestic institutional investors should stop participating in the OMO market. This policy has driven significant funds into the Nigerian Treasury Bills market, some of the funds have also trickled down to the equity market.
According to hm this policy is a significant move in support of equities as an “asset class” because most investors are driven by yield. Due to the fact that the Nigerian economy has shifted into a negative real interest rate environment, these types of cuts will tilt investment preference to assets class that will generate higher yields and returns.