GTB 737 banner Yudala 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

Views: 2,437


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


 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

 

You may also like...
Ese’s abductor already in custody: Police

Senate promises holistic national reform

Pope names Portuguese children saints after 100 years...

Rename and expand scope of Boko Haram Victims...

What can you do to fix Nigeria? We...

Saraki urges closer ties between Nigeria and Colombia...

PDP Crisis: Makarfi extends olive branch to Sheriff...

Education standard still high: WAEC boss

Anticipation, excitement as Japanese smartphone brand set to...

Nigerian Army pronounces Boko Haram Leader Abubakar Shekau...

Removal of Land Use Act from Constitution a...

10-man Enyimba clinch seventh Nigeria league crown

 

Latest News New U.S. Visa Lottery Program kicks off Shake-up in Lagos Police Command; 10 officers affected Army arrests 40 suspects in Lagos, Ogun Senate demands Fashola’s sack as power minister Nollywood star Yul Edochie promises better life for Anambra people if elected Governor Customs raids car shops, seizes 3,000 vehicles from dealers Pressure mounts on Senate panel to drop $25bn NNPC contracts probe Delta Government annuls fees increase by DELSU Obaseki calls for global consensus on strategy to end poverty •Proffers broad-based growth models EFCC arraigns 3 for N19m fraud Buhari submits 2018 to 2020 Expenditure Framework to Reps EYPF warns against military intimidation in Niger Delta •Seeks development in Egbema kingdom

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (286,674 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (269,148 views) Shameless Genevieve Nnaji exposes breasts in public (217,872 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (183,138 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (179,201 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (161,688 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (140,112 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (128,559 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (123,382 views) Lagos plane crash: Journalist releases victims’ names (113,879 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (111,969 views) APC cries foul as PDP’s Fayose takes early lead in Ekiti governorship election (104,357 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (29) Business (2,724) Business Verdict (24) Columnists (754) Complaints & Requests (93) Enterprise & Opportunities (183) Entertainment (394) Features (497) Global Business Monitor (187) International (1,579) Interviews (134) Live Commentary (28) Love Matters (77) News (29,402) Opinion (824) Pidgin (8) Politics (3,981) Religion (645) Sports (1,338) Stock Watch (23) AMA & Al Jazeera Global Update

 

UBA mobile app

CBN words on marble advert

 

 

#MonkeyPox outbreak

 

APO Group Partner

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!