Senate confirms Nnanna as CBN Deputy Governor

The Senate on Tuesday confirmed Dr. Joseph Okwu Nnanna as a Deputy Governor of the Central Bank of Nigeria.
The Senate decision was sequel to the report of the Senate Joint Committee on Banking, Insurance and Other Financial Institutions, which was submitted to the upper chamber for consideration.
Congratulating the newly confirmed Deputy Governor of the CBN, the President of the Senate, Senator David Mark, noted that the apex bank would play a crucial role in the current economic situation of the country.
Mark therefore urged the apex bank to work religiously to make sure that the country does not find itself in a fix economically in view of the declining price of crude oil in the international market.
It could be recalled Nnanna, while answering questions from the committee members, explained that one of the ways to wriggle out of the economic crisis in the country was to recapitalise development banks with a view to encouraging them to lend at controlled interest rates.
He had said: “My take is that since we have development banks like the Bank of Industry, Nexim bank, Bank of Agriculture and so on, we can recapitalise all of them and mandate them to lend at a fixed interest rate for the entrepreneurs and other investors willing to invest in the Nigerian economy.
“If we recapitalise the BoI and we tell the Managing Director that we are giving you this money and ask him to lend at a specific interest rates, he will oblige us because it is the tax payers money.
“We cannot force the management of a private commissioned bank to lend at a fixed rate because they will take into consideration the risk premium, especially when most people borrow without the intention of repayment.” – NAN.