The Central Bank of Nigeria (CBN) has revealed its Monetary Policy roadmap for 2019-2024 for the country.
Nigerian banks to recapitalise and 7 other takeaways from CBN 5-year road map
Godwin Emefiele, CBN governor, presented the five-year roadmap on Monday, at the apex bank headquarters in Abuja.
Emefiele also announced that Nigeria’s central bank will keep its foreign exchange system through floating of the naira.
Here are some of the takeaways from the economic blueprint of the CBN:
- Pursue an economic agenda that would make the economy grow by double digits through targeted programmes that would boost output.
- CBN will work with Deposit Money Banks in the next five years to boost credit to the real sector as well as the creative and education sector
- Increase its support to farmers in order to bring down the rate of inflation
- Launch a new Trade Monitoring System to reduce documentation for exports to one day from one week, effective October 2019.
- Get banks to focus more credit on education and youths in the creative sector, leverage data to achieve single-digit inflation
- Lending Framework for auto sellers, shops, leasing companies, etc on consumer credit at "reasonable rates" and disclosure of repayments, interest, etc.
- Emefiele says the CBN will work with relevant agencies and market institutions to set up Mortgage-Backed Securities (MBS) for trading on Capital Market under new arrangement of mortgage lending.
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