What our new monetary policy will do for Nigeria – Emefiele

METRO PLUS

How police, other security agencies foiled abduction of 4 Plateau varsity students

Nigerian Security Agencies have prevented the abduction of about four students of the Plateau State University in Bokkos Local Government Area of...

Father kills 18-year-old son in Kano over missing palm oil

A resident of the Gwazaye Quarter in the Kumbotso Local Government Area of Kano State, Awaisu Nagyala, has allegedly beaten his 18-year-old...

Security guard invites robbers to rob employer

The Ondo State Police Command has arrested a security guard working at the S.A. Filling Station in Ondo town, Abiodun Osuntimehin, for...

Three killed as robbers attack bank in Delta

Armed robbers on Tuesday reportedly killed three persons when they attacked a bank in the Issele-Uku, Aniocha North Local Governments Area of...

Kidnapping: Court laments delay in Evans trial

Justice Oluwatoyin Taiwo of an Ikeja Special Offences Court has expressed worries over the delay in the trial of Chukwudumeme Onwuamadike, popularly...

Governor of the Central Bank of Nigeria CBN, Godwin Emefiele, has said that ensuring price stability and growing the nation’s economy through unconventional policy is paying off.

Emefiele stated this at the first Convocation Lecture of Edo University, Iyamho, Auchi on Friday.

The governor said in spite of the criticism from certain quarters the bank would not be deterred by the activities of critics.

According to him, the monetary policy, which was being condemned by the opposition has so far delivered a good result.

“When we began to utilise these tools, they were initially criticised by adherents of conventional monetary policy tools.

“Critics asserted that our Foreign Exchange policies constituted exchange restrictions, rationing of Forex discretionary allocation based on priority categories and a multiple currency practice.

“While there is sufficient evidence of significant reductions in our annual import bill, and increased non-oil exports, these critics assert that we are restricting trade and creating unfair competition.

“To our critics, conventional Monetary Policy requires that to encourage domestic production, we should impose higher tariffs and levies.

“However, our experience in Nigeria has shown that these tools have never worked, given the various attempts by certain economic agents to undermine the success of these policies,” he explained.

Emefiele said that regardless of the views of critics, the unconventional measures were well thought through and had been yielding significant gains for the nation’s economy.

He added that among the benefits noticed was the growth in Gross Domestic Products (GDP).

He said after the five consecutive quarters of negative growth, beginning in the first quarter of 2016, there was a coordinated approach by the fiscal and monetary authorities to support a rebound in the nation’s economy during the second quarter of 2017.

According to him, recovery has been driven largely by improved non-oil activities especially the agricultural sector.

He stated that agriculture was nonetheless reinforced by the pickup in the oil sector as oil prices rallied in 2017.

Emefiele added that the recovery had been sustained for nine consecutive quarters and it was expected to get stronger in the short-to-medium-term.

The CBN governor said as a result of the implementation of a tighter monetary policy regime, intervention programmes in the agricultural and industrial sectors, as well as improved Forex inflows had reduced inflation.

He noted that inflation began to decline from its peak of 18.7 percent in January 2017 to 11.24 per cent as at September 2019.

Sign up to FREE email alerts from Tribunepoint Weekly - Daily News

When you subscribe we will use the information you provide to send you these newsletters. Sometimes they’ll include recommendations for other related newsletters or services we offer. Our Privacy Notice explains more about how we use your data, and your rights. You can unsubscribe at any time.

- Advertisement -

Read Also

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

How police, other security agencies foiled abduction of 4 Plateau varsity students

Nigerian Security Agencies have prevented the abduction of about four students of the Plateau State University in Bokkos Local Government Area of...

More clashes in Minnesota after police shoot, kill Black man

Police clashed with protesters for a second night in the Minneapolis suburb where an officer who authorities say apparently intended to fire...

Ontario’s hard-hit ICUs aren’t just running out of beds, but also doctors and nurses

As the third wave overtakes the province, with no sign of slowing down, Ontario’s hospitals are turning into war zones — and...

Air Canada, Canadian government reach agreement in $5.9-billion ‘liquidity program’

Air Canada and the federal government have reached an agreement on a $5.9-billion aid package that the company says will speed up...

Kidnap epidemic: Gunmen abduct 18 in Ogun, Oyo, Rivers, Imo, Katsina

*Kidnappers whisk Ogun doctor, nurse away, NMA expresses concern *Gunmen kidnap Imo monarch, five traditional chiefs, two...