Why Emefiele Isn’t Worried By MPC Meeting Cancellation
So, an important meeting of the Central Bank of Nigeria, CBN has been cancelled.
But the man at the helm of affairs of the apex bank, Godwin Emefiele is not worried and he wants investors not to be bothered by it.
At the meeting, the bank’s monetary policy committee members would have decided if benchmark interest rate should be retained at 14% where it had been for more than one year now, or reviewed.
A statement signed by Emefiele has explained that in spite of the statutory meeting not holding, the key economic indicators should continue to move in the right direction.
He cited a few factors including the recovery in oil prices and boost in domestic production, Nigeria’s exit from recession in 2017, decline in inflation rate to 15.37%, and increase in Nigeria’s foreign exchange reserves, which now stands at $40.78bn, as signs that things were moving in the desired direction.
He also pointed at the strong investor confidence in Nigeria which he said had attracted inflows of about $13 billion through the Investors’ and Exporters’ window, opened by the CBN in 2017.
According to him, these inflows have boosted foreign exchange supply and helped to stabilise the exchange rate.
“We have also seen market capitalisation of our Stock Exchange improve by 22.3% from 13.21 trillion on November 30, 2017 to 16.15 trillion naira as at 19 January 2018.”
Also Watch: Treasury Bills: What To Know About This Risk-Free Investment Option