Fidelity bank banner Bayelsa State banner
CBN Acting Governor unfolds agenda, rules out Naira devaluation

By News Express on 21/02/2014

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 2,895


Acting Governor of the Central Bank of Nigeria (CBN), Dr. (Mrs.) Sarah O. Alade this afternoon unfolded her agenda, among them the maintaining of price and financial system stability.

Dr. Alade, who spoke at her maiden press briefing in Abuja following her assumption of office yesterday, also vowed to defend the country’s currency, stressing that CBN “has no immediate plans to devalue the Naira.”

Below are excerpts of her address:

“Following the directive  by the President of the Federal Republic of Nigeria, Dr. Goodluck Ebele Jonathan, GCFR, that I should take charge of the affairs of the Central Bank of Nigeria, as the Acting Governor, I wish to use this opportunity to reassure all our stakeholders including the international community that the recent changes at the CBN will not in any way affect the monetary policy direction and pursuit of the Bank’s  primary mandate of maintaining price and financial system stability.

“I wish to state unequivocally that the Nigerian economy has remained strong, sound and resilient over time. Available data from the National Bureau of Statistics indicated that inflation rate was 8.00 per cent in January 2014 and indeed, it is important to draw attention to the fact that inflation rate has remained within single digit in the last 13 months. Similarly, the domestic economy remained robust with a growth rate of 6.87 per cent in 2013. The exchange rate has also remained generally stable.

“The Bank is committed to sustaining these achievements through the use of appropriate monetary policy tools to ensure price and financial system stability. Let me reassure stakeholders that the Central Bank of Nigeria will continue to intervene in the interbank foreign exchange market to ensure the stability of the exchange rate of the naira and preserve the value of the domestic currency.

“I wish to use this opportunity to reassure you that the Management of the CBN remains committed to monetary and price stability and the smooth functioning of the foreign exchange market. With the current level of reserves at seven months of imports cover, as at end-December 2013, the Bank’s ability to intervene in the foreign exchange market is not in doubt.

“I wish to assure you that the Bank has the capacity to meet the demands of all foreign exchange users. Let me seize this opportunity to reassure all stakeholders once again that the Bank has no immediate plans to devalue the Naira.

“It is important to note that, the Bank in its 55 years of existence has continuously focused on its core mandate and remains committed to achieving monetary and price stability, promoting sound financial system and defending the international value of our local currency.

“I wish to assure all our stakeholders that the Bank’s policies and operations will continue to be firmly anchored on the realisation of its principal objectives in line with the provision of the CBN Act 2007. Thus, with the principal goal of ensuring monetary and price stability, policy measures will continue to be consistent with sustainable non-inflationary growth, through the adoption of appropriate mix of monetary policy measures and coordination with fiscal policy.

“In conclusion, the Bank will continue to carry out its responsibilities by responding appropriately to emerging challenges and upholding the trust on it.”

•Photo shows CBN Acting Governor, Dr. (Mrs.) Sarah Alade.

Source News Express

Posted 21/02/2014 11:33:59 PM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25 minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

 

You may also like...
Delta to abolish illegal community development levies

Nigerian emerges front-runner for OPEC leadership

MOSOP suspends 3 for anti-Ogoni activities

Post-UTME: 12,904 candidates jostle for 2,260 slots in...

U.S. pledges equipment, intelligence in fight against Boko...

Gunmen sack 4 Rivers communities, PDP chieftain fingered...

IPOB attacks MEND

PRESIDENT JONATHAN has GONE ASTRAY, HE’S A DISAPPOINTMENT...

Police bows to pressure, transfers controversial Edo Police...

Political thugs behead Police DSP, orderly in Rivers...

APC Crisis: We’re on same page with Buhari...

MASSOB launches Biafran currency, vehicle number plates, drivers'...

 

Latest News IPOB alerts British Government about possible anarchy •Says Abaribe accused of hiding Nnamdi Kanu in his house Defection: nPDP makes U-turn, stays put in APC Ex-diplomat bags 5-year jail term for child porn Victims of 1995 phantom coup cry out for justice •Text of heart-rending letter to Senate •Full list of victims Kwankwaso romances Atiku, pays nocturnal visit to Abuja residence 16 freight forwarders cleared for election into Governing Council of CRFFN Presidency, BPE wade into NERC, Ibadan Disco controversy Nigeria will be better when there is obedience to God’s word — Okowa How Zimbabwean leader survived assassination attempt I did not award N8bn Nworie River dredging contract — Ohakim •Denies asking anyone without N1m to leave Owerri BNYL condemns Senator Abaribe’s arrest by DSS History made as Saudi women finally allowed to drive

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (353,012 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (352,883 views) Shameless Genevieve Nnaji exposes breasts in public (280,948 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (230,574 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (209,415 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (209,357 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (182,222 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (164,408 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (154,117 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (149,004 views) Lagos plane crash: Journalist releases victims’ names (144,172 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (135,895 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (50) Business & Economy (3,266) Business Verdict (44) Columnists (871) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (507) Features (607) Global Business Monitor (284) International (2,055) Interview (155) Live Commentary (28) Love Matters (124) News (36,454) Opinion (1,005) Pidgin (10) Politics (5,330) Religion (772) Sports (1,562) Stock Watch (30) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Nigeria vs Iceland 2-0 All Goals & Highlights

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement