Emefiele stated this at a conference on post-election agenda for monetary policy authority in Lagos last week
Here are the post-election strategies of Nigeria's central bank
Nigeria's central bank governor, Godwin Emefiele, said the monetary authority will continue to tight economic policy due to the inflation outlook.
He said the Central Bank of Nigeria (CBN) projected that Nigerian economy will grow by 3% in 2019, higher than the 1.93% recorded in 2018 and sees inflation rising to 12% this year before moderating.
Here are post-election strategies of Nigeria's central bank
- Inflation to rise slightly to 12% and then slope down
- Current tight policy to continue to tame rising inflation and stabilise price
- GDP is projected to rise to 3% for 2019 relatively to 1.9% in 2018
- Volatility in the crude oil market
- CBN to maintain a stable exchange rate stance given the high FX reserves
- Balance of payment is expected to maintain positive in the short term owing that oil prices recover
- Monetary and fiscal to put in place policies to support Agric sector vigorously
- CBN to ensure adequate support for producers of local products – especially items excluded in forex privileges.
The CBN governor said the current government has the opportunity to diversify the Nigerian economy and must not miss it.
CBN holds monetary policy committee meeting
Meanwhile, the Central Bank of Nigeria (CBN) will kick-off two-day monetary policy committee meeting in Abuja on Monday (today). The meeting is to set key lending rates.
Analysts have predicted that the apex bank committee will maintain all policy rates to manage the delicate balance between growth, inflation and exchange rate stability.
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