‘How CBN reforms can improve economy’

FOLLOWING the current monetary reforms being implemented by the Central Bank of Nigeria (CBN), Governor Godwin Emefiele, a Lagos-based auto dealer and entrepreneur, Adejare Adegbenro has commended the apex bank efforts, describing the exercise as, “having human face.”

  Adegbenro, who is the Managing Director/Chief Executive Officer (MD/CEO), of Balmoral International Limited, said in Lagos that, “in less than a month of his assumption, the cashless policy became effective nationwide on June 30, though, spearheaded by his predecessor Sanusi.”

  The cashless policy initiative commenced with the Lagos pilot phase in January 2012, before moving to states like Rivers, Kano, Ogun, Aba, and Anambra, as well as FCT, Abuja.

  The businessman also lauded Emefiele’s achievements in re directing the activities of the Bureau De Change (BDC) in line with his ongoing reforms, saying, “His record of success on this, arguably remains unprecedented.”

  The current sanity in the operations of BDC in the country, according to the Ogun State born businessman was a welcome respite from the blatantly unorganized system and consequent leakages and impunity that has become the order of the day.”

Adegbenro commended Emefiele’s courage and wisdom in the way he handled the initial protest and resistance that greeted his efforts at sanitizing this sub sector of the economy, supporting him in the decision to block the leakage of foreign exchange, which the operators were perpetrating.

He also lauded the apex bank for the re-introduction of service charge on Remote-on-Use ATM, stating that, “since the regime of N65 charge, customers’ complaints about inadequate machines and the quality of service; network related frustrations have not been common.”

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