Thursday, March 28, 2024

We’ll stabilise the economy, CBN promises Nigerians

The Central Bank of Nigeria has reassured stakeholders that it will continually fine-tune measures to ensure and guarantee a stable exchange rate regime.

The CBN Governor, Mr. Godwin Emefiele, gave the assurance in a media chat at Awka, Anambra State, explaining that the apex bank was set to provide cheap financing for critical sectors in order to enhance domestic production.

Emefiele, who was represented by the Acting Director, Corporate Communications Department of the bank, Mr. Isaac Okorafor, said the CBN was committed to taming inflation, and would continue to explore further avenues to ensure that interest rates were supportive of domestic production needs.

He noted that there were ongoing recoveries in economic performance, expressing optimism that improved outcomes would be recorded towards taming inflation, bringing down interest rate and guaranteeing exchange rate stability.

Going down memory lane on measures adopted in the past to drive the economy, boost production, manage and stabilise the exchange rate as well as reduce inflation, Emefiele said the CBN was consistently devising ingenious approaches to solve peculiar challenges and would continue to learn from the experiences of other countries, particularly developing
nations.

He, however, solicited the understanding and support of Nigerians, which he said was what was required at this point of the country’s economic history, adding that participants should objectively report the CBN’s efforts towards aligning its monetary policy objectives with the broader economic policy, in efforts to generate significant domestic industrial activities that would support industrialisation.

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