The Central Bank of Nigeria Governor, Mr. Godwin Emefiele, has again justified the unconventional monetary policy approach the bank had adopted, particularly in forex market and development financing, saying it has helped to optimally balance the delicate objectives of price stability and real output growth.
He highlighted countries such as the United States of America, Brazil, among others, that had to rely on unconventional monetary in times of economic difficulties to resuscitate growth. He further added: “In addition, exchange rate management was further liberalised following the operationalisation of the, ‘Revised Guidelines for the Operation of the Nigerian Inter-bank Foreign Exchange Market,’ in June 2016. The commencement of this policy guideline introduced the Naira Settled Foreign Exchange Futures Market.
Emefiele, stressed that the development finance initiatives of the central bank was aimed at growth driving and employment generating sectors, which he said had equally not gone down well with the proponents of conventional monetary policy tools.
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