CBN policy is the best for Nigeria at the moment- apex bank responds to el-Rufai
Tue Aug 16, 2016 07:45:am Finance
3.2K By Buchi Obichie
In response to recent criticism from the Governor of Kaduna State, Mallam Nasir el-Rufai, the Central Bank of Nigeria, CBN, has reiterated that its current economic policies were in the right direction to rescue the dwindling economic situation in the country. El-Rufai, had last week criticised the CBN over the bad state of Nigeria's fiscal regime, saying the bank's 14% monetary policy rate had led to unprecedented job losses in the country, especially with the bank's Monetary Policy Rate, MPR, increased from 12 to 14%.
However, the Governor of the CBN, Mr Godwin Emefiele, who faulted critics of the apex bank's policies, said the bank was operating the best policies needed to address the present economic crisis in Nigeria.
He said the CBN's policies remained the best option to salvage Nigeria's ailing economy at the moment.
The CBN boss made his comments at the Redeemed Christian Church of God, RCCG, the Everlasting Arms Parish, Garki, Teens' Career Conference, in Abuja, where he was represented by CBN Deputy Governor, Economic Policy, Dr Sarah Alade.
He said: "At this moment, what we are doing is what is best for the economy. The concern even in this hall has been the slide in the naira. And I have told you, I did answer the question by saying that we also need to ensure that we diversify the economy, so we can earn more dollar, we can have more export.
"We are also supporting the efforts of the Government. Once we are able to do this, we would then be able to earn the interest rate that people want. At this particular time, to be able to get out of the situation we are in, we need to have the decisions we have taken at the right time.
"The Monetary Policy Committee considers all these factors before we take decisions and we will do what is right for the economy. Whatever policies we need to take to ensure that the economy comes out stronger, we'll do it and at the right time."
Assuring Nigerian youths that the CBN took their growth and development seriously, Emefiele said, "One thing that keeps me awake at night is how to create an enabling environment for our youths to grow."
He advised them to stay focused on their dreams for greatness, stressing that hard work, focus and commitment remained the key to success.
However, the Governor of the CBN, Mr Godwin Emefiele, who faulted critics of the apex bank's policies, said the bank was operating the best policies needed to address the present economic crisis in Nigeria.
He said the CBN's policies remained the best option to salvage Nigeria's ailing economy at the moment.
The CBN boss made his comments at the Redeemed Christian Church of God, RCCG, the Everlasting Arms Parish, Garki, Teens' Career Conference, in Abuja, where he was represented by CBN Deputy Governor, Economic Policy, Dr Sarah Alade.
He said: "At this moment, what we are doing is what is best for the economy. The concern even in this hall has been the slide in the naira. And I have told you, I did answer the question by saying that we also need to ensure that we diversify the economy, so we can earn more dollar, we can have more export.
"We are also supporting the efforts of the Government. Once we are able to do this, we would then be able to earn the interest rate that people want. At this particular time, to be able to get out of the situation we are in, we need to have the decisions we have taken at the right time.
"The Monetary Policy Committee considers all these factors before we take decisions and we will do what is right for the economy. Whatever policies we need to take to ensure that the economy comes out stronger, we'll do it and at the right time."
Assuring Nigerian youths that the CBN took their growth and development seriously, Emefiele said, "One thing that keeps me awake at night is how to create an enabling environment for our youths to grow."
He advised them to stay focused on their dreams for greatness, stressing that hard work, focus and commitment remained the key to success.
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