NESG v CBN: Next Steps - The State of the Nation Execution Imperatives

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Friday, October 09, 2020   /05:00 AM / by Proshare Research / Header Image Credit: EcoGraphics


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"Be simple and always take the next step. You needn't see it in advance, but you can look back at it afterward. There is no 'how' of life, one just does it." - Carl Jung

 

After battles, the troops are called in and the generals sit at the negotiating table with politicians to determine the terms of the truce. The outrage of war if not forgotten is pushed behind and the realities of the continuation of life become pressing, what follows is a commitment to new steps at restoring and sustaining peace. The same should be true after the NESG and CBN have torpedoed each other over macroeconomic policies and the interventionist role of the monetary regulator. The dying embers of spent arsenal and scorched earth should leave both parties tired, reflective, and more amenable to action that comes from reason rather than emotion.


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From Battle Ground to Common Ground

From the ruins of a battered relationship, both the NESG and the CBN need to allow flared tempers to cool off and begin a re-engagement that restores peace in pursuit of prosperity.  This would mean that the following actions take place;

 

  • The NESG and the CBN arrange for a meeting to reconcile their differences and build a framework for future interaction devoid of public drama
  • The NESG and the CBN release a joint statement stating the resolution of their differences and their agreement to work together
  • A comprehensive technical Nigeria economic model must we worked out with officers of both institutions collaborating to dimension the parameters of the model to design immediate and preemptive fiscal and monetary policy frameworks that serve as guidance tools for scenario analysis and policy execution imperatives
  • Both parties need to schedule semiannual meetings for economic reviews and outlooks to harmonize understanding between public and private sector economic actors. These meetings are not public forums and must abide by Chathamhouse rules of disclosure. The meetings would also serve as a platform to discuss the jointly designed macroeconomic model of the country and the policy implications of key data outcomes (reference fact checkpoint 14 in NESG's communique see page 40 of this report).
  • The fact that both institutions collaborate does not mean the absence of policy shocks (as may be deemed necessary by the CBN) or counterpositions (as may be seen as necessary by the NESG). However, in taking these actions such acts must be without prejudice to the confidentiality of information shared at meetings of both institutions. Such a level of collective confidence would build a nexus for controlled conflict that provides insight rather than infight. 
  • Independence within a collaboration is crucial to both CBN and the NESG. The two organizations must find common grounds for cooperation without losing their objectivity and independence, understanding this subtle point avoids the unfortunate situation where institutions dig into each other with avoidable class labels. Disagreements are tools for clarity, not weapons of discord.

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Carl Jung's admonition of "just doing it" is the tipping point for a remodelled engagement of private-public exchange of thoughts on sustaining growth and development in the country. Rather than shake tables the NESG and CBN need to shake hands.


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Downloadable Versions of NESG v CBN Report (PDF)

  1. Full ReportNESG v CBN: Beyond the Battleground - The Need for Facts, Perspective and Resolution - Oct 04, 2020

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Related News post on NESG v CBN: Beyond the Battleground Report

1.      NESG v CBN: Beyond the Battleground - The Need for Facts, Perspective and Resolution

2.     NESG v CBN: Issues Deconstructed - In Praise of Contexts

3.     NESG v CBN: Tracking the Data - Beyond Opinion, Evidence-Based Facts

4.     NESG v CBN: Inside the Policy Room

5.     NESG v CBN: Lessons Learnt and Takeaways



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107.        CBN Suspends Extension of Settlement Banking Arrangement to All the Clearing Sessions - Dec 22, 2017

108.        CBN to Draft Framework on Credit to SMEs - Dec 05, 2017

109.        CBN Extends Settlement Banking Arrangement to All Clearing Sessions Effective January 1, 2018 - Nov 10, 2017

110.         CBN Issues Further Clarification on the Enforcement of GIFMIS Revenue Reference Number - Oct 24, 2017

111.          CBN Unveils Framework For BVN, Watch-List Operations - Oct 23, 2017

112.         Implementation of Electronic Certificate of Capital Importation - Sep 08, 2017

113.         Exposure Draft of Regulatory Framework for Unstructured Supplementary Service Data- Sep 08, 2017

114.         CBN Introduces Funding for Liquidity and Intra-day Facilities for Non-Interest Banks - Aug 24, 2017

115.         CBN Revised the Guidelines for Commercial Agricultural Credit Scheme (CACS) - Aug 21, 2017

116.         CBN Extends Timeline of BVN Enrolment for OFIs to December 31, 2017 - Aug 07, 2017

117.         CBN Announces the Introduction of the Nigeria Customs Service Electronic Auction (eAUCTION) Platform - Jul 25, 2017

118.         CBN Issues Statements of Payment Finality for the Nigerian Payments Schemes - Jul 25, 2017

119.         CBN Directs OFIs to Enroll Customers for BVN - Apr 25, 2017

120.        CBN Suspends the Implementation of Interchange Regime Indefinitely - Apr 21, 2017

121.         CBN Issues Circular on the Amendments of S4 Business Rules and Guidelines - Feb 02, 2017

122.        CBN Enhances Minimum Qualifications for Banks CCOs to Ensure Compliance - Sep 30, 2016

123.        CBN Issues Directives on the Removal of Fixed Interest Rate on Credit cards - Aug 05, 2016

124.        CBN Reviews Operational Guidelines for Blacklisting - Jul 13, 2016

125.        CBN Publishes Exposure Draft Guidelines on Regulations & Supervision of Non-Interest MFBs in Nigeria - May 12, 2016

126.        CBN Publishes Approved Guidelines on Transactions Switching in Nigeria -May 09, 2016

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129.        CBN Publishes Reports of Activities under the Agricultural Credit Guarantee Scheme - Mar 10, 2016

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134.        CBN Publishes Guidelines for Banking Operations in the Free Trade Zones in Nigeria - Feb 02, 2016

135.        CBN Invites Financial Institutions to Make Payment of Annual Licence Renewal Fee through e-Channels - Jan 04, 2016

136.        CBN Releases Revised Guidelines for Bureaux De Change in Nigeria -Dec 11, 2015

137.         CBN Issues Guidelines on International Mobile Money Remittance Service in Nigeria - Nov 20, 2015

138.        CBN Directs PMBs and DFIs to Comply with FG's Directives on TSA - Nov 19, 2015

139.        CBN Extends BVN Enrolment to 31st January 2016 for Nigerian Bank Customers in Diaspora - Nov 03, 2015

140.        CBN Orders BDCs to Honour Letter of Credit Established Prior to Jun 23rd for 41 Items Ban for FOREX - Oct 23, 2015

141.         CBN Publishes Guidelines for Approved Persons' Regime for Financial Institutions - Oct 22, 2015

142.        CBN Issues Guidelines on the Management of Dormant Accounts & Other Unclaimed Funds by Banks & OFIs - Oct 09, 2015

143.        CBN Releases Exposure Draft on Consumer Protection Framework - Sep 18, 2015

144.        CBN Mandates DMBs to Equip All Branches to Treat E-dividend Mandate Form - Sep 15, 2015

145.        CBN Releases Exposure Draft on Standards and Guidelines on Electronic Channels Operations in Nigeria - Sep 15, 2015

146.        CBN Releases Exposure Draft on the Guidelines on Transaction Switch in Nigeria - Sep 15, 2015

147.         CBN Directs Development Finance Institutions to Obtain Licence - Sep 08, 2015

148.        CBN Directs Banks to Remit FG's Funds into the Treasury Single Account - Sep 08, 2015

149.        CBN Finalises Guidelines for the Enrolment of Nigerian Bank's Customer in Diaspora - Aug 19, 2015

150.        CBN Directs All Licensed BDCs to Consummate Transactions with Customers' BVN Effective 1st August - Jul 21, 2015

151.         CBN Warns Authorized Dealers Against Funding Items Classified as "Not Valid for Forex" - Jul 01, 2015

152.        CBN Extends BVN Enrollment Deadline to 31st October, 2015 - Jun 30, 2015

153.        CBN Directs DMBs to Establish Industry Fraud Desks - Jun 12, 2015

154.        CBN to Review the Nigerian Cheque Standards - May 04, 2015

155.         CBN Moves to Check Rising Non-performing Loans in Banks - Apr 24, 2015

156.        CBN Clarifies Circular on Usage of Naira Denominated Cards Overseas - Apr 24, 2015

157.         CBN Stops Rendition of Returns on Defunct Micro Credit Fund - Apr 17, 2015

158.        CBN Limits Naira Card Usage on Overseas Transactions to $50,000 - Apr 14, 2015

159.        CBN Rolls Out Stiff sanctions to Dissuade Issuance of Dud Cheques - Apr 09, 2015

160.        CBN Warns Against the Use of Foreign Currency as Medium Of Exchange in Nigeria - Apr 07, 2015

161.         CBN lays Guidelines on Mobile Money Services in Nigeria - Apr 02, 2015

162.        CBN Sets Regulatory Framework for Licensing Super Agents - Apr 02, 2015

163.        CBN Releases Regulatory Framework for Mobile Money Services - Apr 02, 2015

164.        CBN Publishes Regulatory and Supervisory Guidelines for DFIs in Nigeria - Mar 19, 2015

165.        CBN Sets Guidelines for N300 Billion Real Sector Support Facility - Mar 04, 2015

166.        CBN Directs Banks to Commence FG's Treasury Single Account Scheme - Feb 26, 2015

167.         CBN Restricts Use of Unfettered Access in Exchange Manual - Feb 23, 2015

168.        CBN Sets Guidelines for Advisory Council on Non-Interest Financial Institutions - Feb 20, 2015

169.        CBN Closes RDAS/WDAS Foreign Exchange Window - Feb 18, 2015

170.        CBN Releases Exposure Draft for Dormant Accounts Management by Banks - Feb 18, 2015

171.         CBN Sets Time Bar for Resolution of Customers Complaints - Feb 18, 2015

172.         CBN Issues Framework for the Implementation of Electronic Payments Incentive - Feb 13, 2015

173.         CBN Sets Guidelines for Banking Operations in Free Trade Zones in Nigeria - Feb 11, 2015

174.         CBN Offers Special Intervention to BDC Operators - Feb 03, 2015

175.         CBN Inaugurates Financial Inclusion Steering Committee - Feb 03, 2015

176.         CBN Notifies Banks on Onward Reporting of Fraud in Non-EMV Environments- Jan 30, 2015

177.         CBN Directs Banks to Compute Net Open Position on Daily Basis - Jan 30, 2015

178.        CBN Reviews Weekly Cash Sales to BDCs to $30,000 - Jan 23, 2015

179.         CBN Reviews Foreign Currency Trading Position of Banks to 0.1% of SHF - Jan 13, 2015

180.        CBN Signs MoU with Deposit Money Banks to Boost Power Supply - Dec 23, 2014

181.         CBN Directs Banks to Commence Issuance of Centenary N100 Banknote - Dec 22, 2014

182.        CBN Reduces Foreign Exchange Trading Position of Authorized Dealers to Zero Percent - Dec 18, 2014

183.        CBN Issues 48hours Deadline for Utilization of Funds Purchased from Forex Market - Dec 18, 2014

184.        CBN Releases Circular on Sales of Foreign Exchange without Adequate Documentation - Nov 21, 2014

185.        CBN Releases Circular to All DMs and Merchant Banks on the Implementation of Swift SSS - Nov 20, 2014

186.        CBN Kicks-off the Development of Consumer Protection Framework for Financial Institutions - Oct 22, 2014

187.        CBN Sets BVN Compliance Deadline for DMBs and Bank Customers - Oct 22, 2014

188.        CBN Increases Outbound International Money Transfer Limit - Oct 14, 2014

189.        CBN Releases Collateral Registry Regulation - Sep 30, 2014

190.        CBN Rolls Out Electronic Payments Incentive and Awareness Campaign - Sep 19, 2014

191.         CBN Releases Circular on the Acceleration of Bank Verification Number - Sep 19, 2014

192.        CBN Releases Guidelines for Financial Holding Company (HoldCo) - Aug 29, 2014

193.        CBN Develops Authorized Signatories Verification Portal for the Banking Industry - Aug 21, 2014

194.        CBN Earmarks 60% of MSME Development Fund for Women - Aug 18, 2014

195.        CBN to launch Outbound Money Transfer Service with Western Union Money Transfer - Aug 14, 2014

196.        CBN Reviews Electronic Payment Operations via NIBSS Instant Payment System - Aug 14, 2014

197.         CBN Re-introduces ATM Cash Withdrawal Transactions Fee; Effective September 1, 2014 - Aug 14, 2014

198.        CBN Excludes Non-Distributable Regulatory Reserve in the Computation of Capital of Banks - Aug 07, 2014

199.        CBN Issues Draft Regulatory and Supervision Guidelines for Development Finance Institutions - Aug 05, 2014

200.       CBN Releases Exposure Draft for Recommendation of Time Bar on Consumer Complaints - Jul 25, 2014

201.        CBN Extends Timeline for the Resolution of Complaints on Excess Charges and Loans to 30 Days  -03, 2014

202.       CBN Prohibits Loan Defaulters from Further Access to Credit Facilities in the Banking System - Jul 02, 2014

203.       CBN rolls out Cash-Less Policy on July 1, 2014, postpones withdrawal charges in 30 States - Jun 24, 2015

204.       CBN Orders Banks to Refund Monies to Customers Shortchanged By ATMs - Jun 16, 2014

205.       CBN Orders Banks to Refund Excess Commission on Turnover - Jun 13, 2014

206.       CBN Maintains Highest Level in Information Security Standard (ISO27001) Compliance - Jun 12, 2014

207.       CBN Extends Cashless Policy to 30 Remaining States; Kicks Off July 1st - Jun 05, 2014

 

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  13. Ecobank Nigeria: The Case For Restructuring, Repositioning and Retooling - Jul 31, 2019
  14. CEO Remuneration: Making Sense Of The Numbers For Listed Companies In Nigeria - Jul 12, 2019
  15. Beyond The Noise: MTN's Post Listing Reactions, Gaps in Rules and Lessons Learnt - May 26, 2019
  16. JUMIAs IPO and Q1 2019 Result; Understanding The Numbers and Ignoring the Noise - May 16, 2019
  17. Ogun State: The Debt Trap- Leaning Against the Wind - April 2019
  18. The National Association of Securities Dealers (NASD) OTC Market Report 2018 - Feb 06, 2019
  19. Surviving Uncertain Times in the Nigerian Financial Market - Jan 19, 2019
  20. Unravelling The Ecobank Q3 2018 Results; Applying NAFEX, Different Outcomes Oct 26, 2018
  21. Compliance With IFRS IAS21 - ETI and The Effects of Changes in Foreign Exchange Rates - Oct 25, 2018
  22. Nigerian Banks' Performance - H1 2018 - Sep 26, 2018
  23. Swift Correction Of Honest Mistakes Helps Build Institutional      Corporate Governance - Sep 05, 2018
  24. Memo To The Market - The NSE, Oscar Onyema Foundation And Corporate Governance - Aug 20, 2018
  25. AMCON and Financial Services Debt Burden in Nigeria - Aug 17, 2018
  26. Memo to The Market: The Oando Corporate Journey - At The Regulators Gate - Dec 10, 2017
  27. Leadership, Change and Corporate Transformation - The Nigerian Experience ... - Proshare Nov 07, 2017  
  28. Analysing the H1 2017 Performance of FBNHoldings Plc - A Comprehensive Report - Oct 20, 2017
  29. FBNHoldings Plc Q1' 2017 Performance Assessment Report Updated - Sep 25, 2017
  30. Years After - 5 years of Dr. Yemi Kale's Stewardship at the NBS - Aug 24, 2016
  31. Memo to the Market: Reappointing Arunma Oteh as DG, SECJan 03, 2015
  32. Where Nigeria got it Wrong - Proshare Dec 01, 2014
  33. Fundamental Considerations for Capital Market Reforms in Nigeria ... - Proshare - Sept 06, 2010
  34. The Bull in the China Shop - A New Paradigm in the Nigerian Financial Markets? - Aug 21, 2009
  35. Making Money in The Nigerian Capital Market Report - Apr 25, 2009

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Related News On Speech Made By the CBN Governor

  1. Emefiele, Olugbemi, Akinwuntan Insist Banks Must Play a Critical Role to Restore Stability - Sep 16, 2020
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  5. Emefiele Lists Priorities for 2020 - Nov 30, 2019
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  7. CBN Governor's Speech At The Meeting With State Governors of Cassava Producing States - Nov 25, 2019
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  9. Godwin Emefiele Unveils The 5-Year Policy Thrust of Nigeria's Central Bank 2019 - 2024 - Jun 24, 2019
  10. Remarks By Godwin Emefiele, CBN Governor At a Stakeholders Meeting on The Palm Oil Value Chain - Mar 18, 2019
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  12. Emefiele Woos Private Sector on Job, Wealth Creation - Dec 06, 2017
  13. Emefiele tasks graduates on job creation; Woos Nigerian youth to embrace CBN initiatives - Dec 02, 2017
  14. Emefiele Lists Gains of FX Restriction on 41 Items; Outlines Projections for 2018 - Nov 12, 2017
  15. CBN Governor Reassures Foreign Investors That Nigeria is Open for Business
  16. Emefiele woos investors to Nigeria, Bags Forbes Award - Oct 16, 2017
  17. Emefiele Tasks Varsities on Research; Lists Policy Options for Economic Growth - Jul 28, 2017
  18. Why We Created The Anchor Borrowers' Programme - Emefiele - Jan 06, 2017
  19. Emefiele's prognosis on the Nigerian Economy and Policy options - Nov 21, 2016
  20. We'll Continue to Meet Matured Financial Obligations - Gov. Emefiele - Feb 12, 2016
  21. Emefiele Calls for Sustained Commitment to Objectives of the National Financial Inclusion Strategy - Feb 10, 2016
  22. Emefiele Addresses Constraints to SME Growth - Dec 11, 2015
  23. Governor Emefiele Pledges Assistance to Textile Owners - Oct 12, 2015
  24. CBN Committed to Producing Economic Citizens says Emefiele - Mar 18, 2015

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