The Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has given three way action plans to be pursued by the agency to deepen growth and further suppress the chances of recession come back including taming inflation, momentary injection of dollars and routine monetary policy regime.
Besides, the CBN hinted that measures adopted in the past to drive the economy, boost production, manage and stabilise the exchange rate as well as reduce inflation, are working and still in force, but more will be done using ingenious approaches to solve peculiar challenges.
Speaking in his opening remarks at the ongoing 24th Seminar for Finance Correspondents and Business Editors holding in Awka, Anambra State, the Governor, represented by the Acting Director, Corporate Communications Department, Mr. Isaac Okorafor, said CBN will continue to explore more avenues to ensure that interest rates are supportive of domestic production.
Explaining issues relating to the theme of the seminar; ‘Import Substitution and the Dynamics of Interest and Exchange Rates in Nigeria’, Emefiele averred 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”.
According to him, “the apex bank will continually fine-tune measures to ensure and guarantee a stable exchange rate regime for the nation’s business community.
CBN noted that there are ongoing recoveries 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.
Earlier, the Governor of Anambra State, Chief Willie Obiano, represented by the Commissioner of Information, Mr. Tony Nnaechetta, disclosed that Anambra is the safest state in the country, a position corroborated by the Inspector General of Police.
According to him, “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. Currently, the state was proud of efforts taken so far as the gross domestic product (GDP) of the state has been raised by 150 per cent”.