President Buhari discusses with Central Bank of Nigeria Governor Godwin Emefiele during the 4th Presidential Task Force meeting of ECOWAS on common currency for member states (photo: State House)

Governor of Central Bank of Nigeria (CBN) Godwin Emefiele says the country’s economy remains solid with all indices falling in the right direction.

The apex bank’s boss was allaying fears of Nigerians and the international community over CBN’s failure to hold its Monetary Policy Committee (MPC) meeting scheduled for Monday and Tuesday this week.

Emefiele, in a statement, explained that the MPC meeting won’t hold as a result of lack of quorum as stipulated in the CBN Act 2007.

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He said the bank would continue to maintain the key monetary variables as decided in the last MPC meeting of November 2017.

The MPC had at the time agreed to maintain the Monetary Policy Rate (MPR) at 14 per cent, Cash Reserve Ratio (CRR) at 22.5 per cent, liquidity ratio at 30 per cent and the asymmetric corridor at +200 and -500 basis points around the MPR.

“We have also seen market capitalization of our Stock Exchange improve by 22.3 per cent from N13.21 trillion on November 30, 2017 to N16.15 trillion as at 19 January 2018, while the All-Share Index (ASI) rose by 18.8 per cent from 37,944.60 to 45,092.83 over the same period,” he said.

Emefiele assured that the CBN would continue to sustain the gains recorded in the economy.

 

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John Andah is a fine-grained journalist. He has been a member of the fourth estate for over six years. He loves the smell of a good lead, and has a penchant for finding out something nobody else knows. John is Snr Asst Editor at Concise News.