05 May 2016, Abuja — Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele last night began the hosting of several central bank governors across Africa to discuss the effects of the exogenous shocks from the global economy on financial systems across the continent.
In the aftermath of sharp drop in commodity prices, which is the main export and foreign exchange earner of most African countries, many financial systems across the world are still grappling with the adverse effects of these shocks.
According to a statement, as Co-Chair of Sub-Saharan Africa Regional Consultative Group of the Financial Stability Board (FSB), Emefiele, alongside the Governor of the Reserve Bank of South Africa, Mr. Lesetja Kganyago, is hosting this meeting at the Transcorp Hilton Abuja to find lasting, effective and common solutions that can be applied to AFRICAN financial systems.
In addition, though, the group will also be focusing on finding country-specific solutions that best suit individual AFRICAN countries. In attendance are the Governor’s of the Central Banks of GHANA, Lesotho, South Africa, Tanzania, Uganda and many others.