Tuesday, 4 October 2016

CBN pursues price stability, woos investors to grow economy

The Central Bank of Nigeria, CBN, said it will pursue price stability as an anchor for economic growth and attract foreign investors as the country battles recession and rising inflation.
The CBN Governor, Godwin Emefiele, according to a report from Reuters, yesterday, stated this in an interview.
In September, the CBN left its benchmark rate at 14 percent, resisting calls from the finance minister to lower borrowing costs to help the government borrow more domestically without increasing its debt servicing costs.
It had said it would keep interest rates tight to attract foreign currency and resolve a chronic dollar shortage brought on by a slump in oil prices.