CBN Governor unfolds five-year agenda, targets increased financial inclusion, bank recapitalisation - Premium Times Nigeria

The Central Bank of Nigeria governor, Godwin Emefiele, on Monday unfolded the policy direction of his new five years tenure, promising to facilitate access to financial services to 95 per cent eligible Nigerians by 2024.

The vision of the bank under his management for the next five years, he said, will be to work closely with the fiscal authorities to target a double digit growth; bring down inflation to single digit; and accelerate the rate of employment. On macro-economic stability, he said over the next five years, emphasis would be on supporting improved gross domestics product growth and greater private sector investment.

To bring down the cost of food items, which have considerable weight in the Consumer Price Index basket, Mr Emefiele said the bank will work with other interest groups towards that objective. On Exchange Rate Stability, Mr Emefiele said the bank will continue to operate a managed float exchange rate regime, to reduce the impact the continuous volatility in the exchange rate could have on the country’s economy.

Consequently, he said, the CBN intends to aggressively implement its N500 billion financial support facility to boost the growth of the non-oil exports and improve non-oil export earnings.

Bringing down inflation to single digit, indeed. How long is cenbank going to keep repeating same failed promises? We’d rather listen to more realistic fiscal stimulus & active easing of monetary policies to support our domestic economic activity.

Another round of failed Banks may likely happen

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