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Stable exchange rate best choice for Nigeria – Emefiele -Nigerian

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Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, says maintaining a stable exchange rate to avoid devaluing the naira is better than building reserve buffers.

Emefiele told reporters Sunday that this was part of the Nigerian delegation meeting with investors and institutions at the annual meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) in Bali.

He said that all borders and developing markets not only suffered depreciation but also lost reserves.

"We are aware of the need to build buffers, but unfortunately I have to say that we are in the time when it will be difficult to talk about setting up reserve buffers.

"We can only build reserve buffers if we want to keep the reserve and then allow the currency, and wherever it goes is something else.

"So it's a decision we have to make and at this point in time, the choice for Nigeria is to maintain a stable exchange rate so that companies can plan and we do not create problems in the assets of the banking system."

According to him, Nigeria, like other emerging economies, has also lost reserves, but only marginally, because it has managed to maintain the stability of its foreign exchange market.

The CBN governor said that the IMF and the World Bank advised that countries should develop country-specific policies and fiscal and structural reforms that would boost economic growth.

Finance Minister Ms. Zainab Ahmed said the ranking of the World Bank's Human Capital Development Index (HCI), which kept Nigeria low at 44 percent for the growth slowdown, was daunting and depressing.

However, she said that the Federal Government regards the rating as a wake-up call.

"We recognize that this all-encompassing measure is due to many years of under-investment in human capital that we have previously recognized and championed.

"Apart from important policy measures, some crucial measures are being taken to address the situation."

The delegation had discussions with the two rating agencies Fitch and Moody's and presented them with a summary and summary of recent economic and financial developments in Nigeria.

She added that it was an opportunity for rating agencies to objectively assess Nigeria's credit.

Ahmed said she also met the IMF Executive Director, Christine Lagarde, and talked about Nigeria's economy in the run-up to the 2019 parliamentary elections.

She assured Lagarde that the election year would not pose a threat to the nation's economic prospects.

Mr. Udoma Udo Udoma, Minister of Budget and National Planning, said that to improve HCI, the nation has improved its budget for health and education.

He said funding for education will increase from 22.5 billion in 2015 to 102.9 billion in 2018.

He added that the health allocation was reviewed from N26.6 billion in 2015 to N86.49 billion in 2018.

He also said that N55.19 billion was added to the health budget in 2018 by the National Health Act.

The Nigerian News Agency (NAN) reports that the annual meeting of the IMF / WBG 2018, starting on October 8, ended on October 14.

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