Nigerian govt approves establishment of infrastructure development firm - CBN governor

is to establish an Infrastructure Development Company, its governor, Godwin Emefiele, disclosed on Monday in Abuja.

The CRR is the funds kept with the CBN as a minimum deposit a commercial bank must hold as reserves, rather than lend out to customers. The fund manager would mobilise local and foreign capital to support the Federal Government in building the transport infrastructure required to move agriculture and other products to processors, raw materials to factories, and finished goods to markets.

However, a further cut in the monetary policy rate may not necessarily lead to a corresponding decrease in market interest rate, considering the current economic challenges, he said. He said the Committee also took into consideration the marginal improvement in the economic fundamentals by the end of June 2020, following the gradual pick-up of economic activities as a result of the various interventions by the CBN in the economy.

Source: News Formal (newsformal.com)

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