WorldStage Newsonline As part of effort to align with the Federal Government’s effort to diversify the economy away from oil, the Central Bank of Nigeria (CBN) said it was in the final stage of discussion with the Nigeria Export Import Bank (NEXIM) to set up a N500 billion fund to assist local manufacturers interested in the non-oil export. CBN Governor, Godwin Emefiele who disclosed this on Monday at a seminar for finance correspondents and Business Editors, in Uyo, Akwa-Ibom, also revealed that Nigeria’s foreign exchange reserve will hit the $50 billion mark from $46.2billion by the end of March While reeling out the strategies that by the Apex bank that brought the country out of recession, Emefiele who was represented by the newly appointed Deputy governor, Corporate Services, Edward Adamu, stressed that in order not to fall back into recession.
We must remain vigilant, we must compliant, remain proactive in order to sustain the recovery,” he added.
Monetary policy, we embarked on a cycle of policy tightening to rein in inflation using increasing Monetary Policy Rate (MPR) and aggressive Open Market Operations.
In external reserves management, we adopted demand management through the restriction of FX for imports of 41 items, which we believedcould be produced locally;
On exchange rate management, we took a number of actions to stabilize the exchange rate by abolishing speculators, bettors, round-trippers and rent-seekers. We also introduced the NAFEX and the Investors-Exporters FX Window to increase market transparency and FX inflows;
In Development Finance, the Bank continued its financing activities in key high-impact sectors like Power, Aviation, Education, MSME, Agriculture, including CACs, ACGS, NIRSAL, the Anchor Borrower Programme, etc.
In light of these and other policy responses, we are delighted that the economy has turned the corner with our worst days clearly behind us. For example: GDP recovered after five quarters of continuous contraction recording positive growths of 0.7 and 1.4 percent in quarters two and three of 2017, respectively, and signalling an exit from the recession; Inflation declined from a peak of 18.7 percent in January 2017 to 14.3 in December 2017
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