The Central Bank of Nigeria Governor, Mr. Godwin Emefiele, Thursday projected that the Nigerian economy would grow by three per cent in 2019, higher than the 1.93 per cent it achieved in 2018.
The Monetary Policy Committee of the CBN which is expected to meet next week, has left the benchmark interest rate at 14 per cent since 2016. On the exchange rate policy, he said the apex bank, in spite of expected pressure from the volatility in the crude oil markets, would maintain its stable exchange rate over the next year.
While warning that the issues that led to the economic crisis between 2015 and 2017 remained visible, Emefiele stressed the need to increase the country’s policy buffers, including fiscal measure, to increase its external reserve. He listed other efforts carried out by the bank to ensure financial system stability and the promotion of sustainable economic development to include the establishment of the investors and exporters’ window; conservation of foreign exchange through the restriction of access to foreign exchange on 43 items; and increased lending to the agricultural and manufacturing sectors.