NO CAUSE FOR ALARM OVER SANUSI’S SUSPENSION: Stable fiscal and monetary policies to continue, says Okonjo-Iweala

Posted by News Express | 20 February 2014 | 2,805 times

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The Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, has assured that the recent developments at the Central Bank of Nigeria (CBN) will not change the economic policy focus of the country.

She gave the assurance this afternoon in Abuja while speaking with journalists on today’s suspension of CBN Governor Sanusi Lamido Sanusi by President Goodluck Jonathan for alleged unethical practices currently under investigation.

Okonjo-Iweala specifically assured that macro-economic stability and a tight fiscal stance which have been the hallmarks of the Jonathan administration will continue to be maintained so as to drive the transformation of different sectors of the economy, especially in job creation and infrastructural development.

She added that the government will continue with policies which will help the naira to stabilise.

The minister stated that while it is normal for the markets to react to a major development involving a key economic manager, things will settle down as it becomes obvious that policy continuity is being maintained. 

She expressed confidence in the competence of the CBN Acting Governor, Dr. Sarah Alade, to manage the institution and ensure the continuation of the monetary policy focus that prevailed under Mr. Sanusi.

Okonjo-Iweala recalled that Alade, who was until now Deputy Governor in charge of Policy, has been a key player in the formulation and execution of the policies of the CBN under Sanusi and is therefore in a good position to continue with the policies.

The minister asserted that the fundamentals of the economy remain strong despite challenges, citing single-digit rate of inflation, reserves of over N41.4 billion, and other healthy indicators.

She wished Sanusi well in his future plans.

•Photo shows Okonjo-Iweala.

Source: News Express

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