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CBN committed to taming inflation, interest rates – Emefiele

From Omodele Adigun and Uche Usim, Awka

The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has said the bank will continue to explore more avenues to ensure that interest rates are supportive of domestic production.

Emefiele, who was represented by the Acting Director, Corporate Communications Department, Mr. Isaac Okorafor, said this yesterday at the 24th Seminar for Finance Correspondents and Business Editors holding in Awka, Anambra State.

He described the theme of the seminar, “Import Substitution and the Dynamics of Interest and Exchange Rates in Nigeria” as topical given the recent collaborative efforts of the Federal Government to stimulate real sector activities in the country. The CBN boss  noted that this was significant for the bank in view of the various interventions to provide cheap financing for critical sectors and to enhance domestic production.

Emefiele said the apex bank will continually finetune measures to ensure and guarantee a stable exchange rate regime for the nation’s business community. While noting that there are ongoing recovery in economic performance, the Governor expressed optimism that improved outcomes will be recorded towards taming inflation, bringing down interest rate and guaranteeing exchange rate stability.

Commenting 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 will continue to learn from the experiences of other countries, particularly from developing nations.

The Governor solicited the understanding and support of Nigerians, which he said was what was required at this point of the country’s economic history while enjoining participants to objectively report on the CBN’s efforts towards aligning its monetary policy objectives with broader economic policy to generate significant domestic industrial activities that support import-substitution and industrialisation.  

In message also delivered by the Acting Director, Corporate Communications Department, Mr. Isaac Okorafor, the Deputy Governor in charge of Corporate Services, Alhaji Suleiman Barau, expressed appreciation to the Finance Correspondents and Business Editors for their support to the CBN in creating awareness and sensitising Nigerians on the policies and activities of the apex bank. Barau pledged the bank’s commitment to sustaining the seminar and ensure a robust engagement with the media.

Earlier, the Executive Governor of Anambra State, Chief Willie Obiano, represented by the Commissioner of Information, Mr. Tony Nnaechetta, while welcoming the participants to Awka, said Anambra is the safest state in the country, a position corroborated by the Inspector General of Police. He said security is the first enablement for the growth being experienced in the state.

Obiano said foreign direct investment (FDI) into Anambra was in excess of $6 billion over the past 40 months. This increment in FDI was hinged on four pillars of agriculture, industrialisation, trade and investment and oil and gas. The Governor said Anambra was proud of efforts taken so far as the gross domestic product (GDP) of the state has been raised by 150 per cent. He disclosed that the state has put in place economic stimulus package, which relieved Keke NAPEP operators and citizens from paying tolls at markets and hospitals.

 

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