The Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, has said that the report of the country’s exit from recession would enable the apex bank to bring down interest and inflation rates, as well as ensure stability in the foreign exchange market.
Emefiele, revealed this while speaking at the opening session of a workshop on import substitution and the dynamics of interest and exchange rates management in Nigeria.
He explained that the apex bank would continue to explore further avenues to ensure that interest rates were supportive of domestic production needs.
The CBN governor told participants at the workshop that the bank would continue to fine-tune measures to guarantee a stable exchange rate regime for the economy.
This, he added, would assist in stimulating the productive capacity of manufacturers, thus boosting their ability to create more jobs and increase the level of foreign exchange earnings for the country.
Emefiele said, “The CBN will continue to explore further avenues to ensure that interest rates are supportive of domestic production needs.
“The bank will continually fine-tune measures to ensure and guarantee a stable exchange rate regime. With ongoing recovery in economic performance, I am hugely optimistic that improved outcomes will be recorded in our work towards taming inflation, bringing down interest rates and guaranteeing exchange rate stability,” He said.
He added, “We are consistently devising ingenious approaches to solve our peculiar challenges and will continue to learn from the experiences of other countries, particularly developing nations.”
He stated that some of the intervention programmes of the bank to stimulate the economy had boosted agricultural production and non-oil exports in the face of unpredictable crude oil prices and the resultant effect on the revenue profile of Nigeria.
Emefiele said, “The bank has consistently sought to formulate interest and exchange rate policies that are conducive to the development of domestic private industrial activities, while taking due cognizance of other macroeconomic variables.”
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