New CBN Boss Expected to Turn Around Ailing Economy - Professor Medee

New CBN Boss Expected to Turn Around Ailing Economy – Professor Medee

An Associate Professor of Monetary Economics, Peter Medee says he believes in the capacity of the new CBN boss to turn around the nation’s ailing economy. He said Dr. Olayemi Micheal must also stay off partisan politics if he must succeed. Associate Professor Peter Medea who spoke with our reporter said the new CBN management team must work to resuscitate the failing economy.

 

Professor Peter Medee said that he expects the new CBN boss to deal appropriately and manipulate the several monetary aggregates to achieve not just micro-economic stability, but to stimulate growth as the Nigerian economy presently is slipping into depression. He said he also expects him to pursue an appropriate macroeconomic policy mix to enhance the needed synchronization between physical and monetary policy by supporting necessary coordination between the bank and the Federal Ministry of Finance.

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The head of the Department of Economics at the University of Port Harcourt Professor Peter Medee said the CBN must also take control of the foreign exchange market. He said he expects the CBN boss to provide and take control of the foreign exchange market to enforce the best exchange rate policy that can strengthen the naira exchange rate against the currencies of our other trading partners. Stating that there is a need for him to ban the use of the dollar as another legal tender in Nigeria. Adding that the naira can not compete with the dollar as it is already a stronger currency than the naira