30
Jan
Jan
TRUMP NOMINATES KEVIN WARSH AS FED. CHAIR, IMPLICATIONS FOR NIGERIA
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Caroline Ameh / 5 days
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- 1 min read
President Donald Trump has nominated former Federal Reserve official Kevin Warsh to replace Jerome Powell as Chair of the Federal Reserve, a move that could influence global financial conditions and capital flows to countries such as Nigeria. Warsh, 55, previously served on the Fed’s board from 2006 to 2011 and is currently affiliated with the Hoover Institution and Stanford Graduate School of Business. His nomination, subject to Senate confirmation, comes amid Trump’s sustained criticism of Powell for resisting deep interest-rate cuts. Global markets reacted cautiously to the announcement, with equities and precious metals declining, while the dollar strengthened slightly. For Nigeria, analysts say shifts in U.S. interest rates often affect foreign portfolio inflows, exchange-rate stability and external borrowing costs. Lower U.S. rates could ease pressure on the naira, while concerns over political influence on the Fed may unsettle investors. If confirmed, Warsh would assume office when Powell’s term ends in May.