Nigeria’s economy is strong – Emefiele

The Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, has allayed the fears of Nigerians and the international community over the inability to hold the meeting of the Monetary Policy Committee (MPC) for January.
A statement signed by Emefiele, in Abuja, on Monday, said that the meeting, which was earlier scheduled for Monday and Tuesday, had been cancelled due to the non-confirmation of the MPC nominees by the Senate.
He explained that the MPC meeting for January would not hold due to the Bank’s inability to form a quorum, as stipulated in the CBN Act 2007.
In spite of the statutory meeting not holding in January, Emefiele said that the key economic indicators in the country continued to move in the right direction.
Consequently, he said that the CBN would continue to maintain the key monetary variables as decided in the last MPC meeting of November 2017.
The Monetary Policy Rate (MPR) was retained at 14 per cent; CRR at 22.5 per cent; Liquidity Ratio at 30 per cent and the Asymmetric Corridor at +200 and -500 basis points around the MPR.
Emefiele cited the recovery in oil prices and boost in domestic production and Nigeria’s exit from recession in 2017 as positive indicators.
Other indicators are the decline in inflation rate to 15.37 per cent and accretion to the country’s Foreign Exchange Reserves, which now stands at 40.78 billion dollars.
He said that this underscored the fact that the Nigerian economy remained strong.

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