Business Headline News Nigeria

CBN to sustain monetary policy, reduce inflation

CBN Governor, Godwin Emefiele after briefing Journalists in Abuja

Photo: Biodun Dare/Radio Nigeria

The Central Bank of Nigeria, CBN, says it will continue to work towards reducing inflation and ensuring stability of the banking system.

The Governor of the Apex bank, Mr. Godwin Emefiele stated this while briefing newsmen on Nigeria’s participation at the Spring meetings of the International Monetary Fund and World Bank.

He said the CBN will sustain its monetary and other policies to revamp growth and stimulate productivity.

Mr. Emefiele described the IMF growth forecast for Nigeria at 3.2% as a welcome development although he believed that the forecast was sub optimal.

He said as the bank targets to achieve a moderation in inflationary trend, its eyes will also be on the banking sector to maintain soundness and resilience through improved regulation and surveillance.

On the IMF advise for Government to increase spending to stimulate growth, Mr. Emefiele emphasized that attention should be paid to growing revenues to avoid debt crisis.

Other concerns raised at the meeting include the need to tackle rise in global poverty and food insecurity.

Reporting by Biodun Dare; Editing by Oluwaseyi Ajibade and Annabel Nwachukwu