He argued that the next phase would be to strengthen the naira in the medium to long term, adding that both fiscal and monetary policies should be aligned to stimulate the tradable sector.
On CBN’s Monetary Policy Rate at 13 per cent, Gwadabe said that the adjusted rate would stifle growth. He said efforts targeted at reducing Inflation in an underperforming economy should focus on stimulating the supply side.“Let’s not copy the Americans who target inflation with FED rates to curb money supply; their factors of production have been fully mobilized, ours is at less than 20 per cent and requires stimulation of the supply side.
“The U.S. per capita GDP is around 66,000 dollars, ours is $1,500 in real terms which underscores the need for a pro supply side monetary policy,” Gwadabe said.All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
Evil men want to destroy Nigeria with greed. Official exchange rate is same as Nigeria exchange rate in line with international rates...now these thieves want the government to 'abolish' it
Dollar intervention that will end up in the vaults of jihad terrorists and bigoted politicians? I beg, CBN, don’t listen to them. Let us have a change of government before restoring any official injections of dollar into the market.
But when you trade with the rest of the world who does use it, what purpose does it serve?
It’s the audacity for me, CBN caused it actually
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