NewsExpress advert FCMB banner Fidelity bank banner NewsExpress advert
Foreign reserve may hit $50bn by year end — CBN

By Olawunmi Ashafa on 10/04/2018

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

Views: 447

•CBN Governor Emefiele
•CBN Governor Emefiele

 

The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, on Monday expressed optimism that the nation’s foreign reserves would grow to 50 billion dollars before the end of the year. 

Emefiele said this at the 25th Seminar for finance correspondents and business editors with the theme: “Sustaining Economic Growth Beyond Recession”, in Uyo. 

Emefiele, represented by Mr Edward Adamu, Deputy Governor, Corporate Services, said the reserves would continue to grow following the recent accretion the nation had recorded. 

He said that the economic recovery would consolidate as the sentiments improved in the macro economy and supported by proactive monetary, trade, industrial and fiscal policies.

The governor also said the apex bank expected a continued uptick in Gross Domestic Product (GDP) growth with a positive spillover to improved unemployment rate.

On the foreign exchange market, he said the rate stability would continue.

“As we entrench and sustain the transparency in the FX market, as foreign FX reserves accretion continues, market confidence and improved sentiments remain.

“We expect that the exchange rate will not only be stable but would begin to appreciate against major currencies.

“The adverse competitiveness outcome which such appreciation may entail will be adequately mitigated by proactive policies to ensure that our balance of payments position is not undermined.”

According to him, there is also need for strong policy coordination.

“Finally, we expect a re-doubling of strong policy coordination, collaboration and cooperation which flourished during the very difficult times,” he added.

He said that the need was greater now than ever for a robust policy coordination between the key aspects of economic policymaking space to sustain the recovery.

This, he said, would include fiscal, monetary, exchange and trade policies, which must be targeted at protecting farmers to boost agricultural outputs and support local companies.

Emefiele said it would also enhance manufacturing and industrial capacities, to diversify the economy away from oil and fossil fuels. (NAN)

 

Source News Express

Posted 10/04/2018 05:00:06 AM

 

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


 

CLASSIFIED ADS

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

 

You may also like...
Femi Fani-Kayode: PORTRAIT OF A DERANGED MIND

Kano to provide affordable housing, others

Nigerian couple wins $50 million lottery in Canada...

Results trickle in after Liberia’s polls

Edo State Football League begins, J.J Stars wins...

Hajj 2018: Kaduna to commence registration of pilgrims...

Lardner faults Jonathan, says stealing a form of...

Chief Judge confirmed crushed in Saudi hajj stampede...

TB Joshua named in witchcraft scandal

15 policemen escape death as herdsmen attack Olu...

Nigeria will surmount present challenges — Okowa •Salutes...

Reps to okay local government autonomy

 

Latest News UPDATE: Dino Melaye injured in escape bid, rushed to hospital 2 Catholic priests, 14 other worshipers dead as herdsmen unleash fresh mayhem in Benue •How it happened — Police Breaking News: Pandemonium as thugs shock police, whisk away Senator Dino Melaye Intrigues as APC picks Abuja for convention •Oyegun, Oshiomhole divide South South APC No restructuring, no 2019 election, Ijaw youths warn •Vow to stop oil flow in the region Imo APC group issues ultimatum to Okorocha El-Rufai charges incarcerated Sheikh Zakzaky and wife to court APC National Chairmanship Battle: South South Chairmen reject Oshiomhole, insist on Odigie-Oyegun Army kills armed robbers in Ibadan Falana calls for Buhai’s probe over $469m ECA scandal Switzerland returned $322.5m Abacha loot with interest — Envoy Troops waste 6 bandits terrorising Kogi

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (339,814 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (334,820 views) Shameless Genevieve Nnaji exposes breasts in public (267,921 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (220,322 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (202,172 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (198,238 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (172,942 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (155,293 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (147,187 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (139,116 views) Lagos plane crash: Journalist releases victims’ names (136,969 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (129,650 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (36) Business & Economy (3,069) Business Verdict (40) Columnists (836) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (483) Features (569) Global Business Monitor (264) International (1,926) Interview (149) Live Commentary (28) Love Matters (116) News (34,717) Opinion (916) Pidgin (10) Politics (4,810) Religion (724) Sports (1,485) Stock Watch (28) AMA & Al Jazeera Global Update

 

 

NLNG Science and Literature Prize Awards

 

 

NEWS EXPRESS TV

Boko Haram commanders surrender

 

APO Group Partner

 

 

CLASSIFIED ADS

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

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement