Nigeria’s Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has been appointed Chairman of the Governing Board and Head of the General Assembly of the International Islamic Liquidity Management Corporation (IILM).
Emefiele’s appointment was done Friday at the 17th Governing Board Meeting of the corporation in Jakarta, Indonesia.
The International Islamic Liquidity Management Corporation is an international institution established by central banks, monetary authorities and multilateral organisations to create and issue short-term Shari’ah-compliant financial instruments to facilitate effective cross-border Islamic liquidity management.
“By creating more liquid Shari’ah-compliant financial markets for institutions offering Islamic financial services (IIFS), the IILM aims to enhance cross-border investment flows, international linkages and financial stability,” the corporation said on its website.
Founded on October 25, 2010, the current shareholders are Qatar, Kuwait, UAE, Indonesia, Malaysia, Turkey, Mauritius and Luxembourg.
Membership of the IILM is open to central banks, monetary authorities, financial regulatory authorities or government ministries or agencies that have regulatory oversight of finance or trade and commerce, and multilateral organisations.
The IILM is hosted by Malaysia and headquartered in Kuala Lumpur. As an international institution, the IILM enjoys a range of privileges and immunities conferred by the IILM Act 2011 issued by Malaysia.
Nigeria, which is currently in recession, is facing severe foreign exchange scarcity due to the drop in the price of crude which accounts for 80% of total exports. Nigeria also imports petrol despite its abundant crude reserve.
President Muhamadu Buhari is trying to diversify the economy and the CBN under Emefiele is implementing some key policies, which it hopes will see Nigeria become an exporter of agricultural produce from 2017 while it hopes to stop importing petrol when billionaire Aliko Dangote’s refinery comes on stream in 2019.