L
LequteMan
Guest
Nigeria's Central Bank Governor, Godwin Emefiele, at the end of the bank's Monetary Policy Committee meeting gave insight about what's being done to streamline Nigeria's foreign exchange policies that is favorable to Nigerians.
On the proposed streamlining of foreign exchange guidelines, the CBN governor apologised that the decision was being delayed, saying consultations were on-going with various interest groups on how to improve FX supply.
“As soon as we are able to achieve tangible success in this direction we will unfold this to Nigerians. We are hoping that with time the supply of foreign exchange would be improve,” he said.
Mr. Emefiele said during the previous meeting, the CBN had adopted an accommodating monetary policy introduced since July 2015 to address the growth concerns in the economy.
The policy of lowering both the CRR and MPR, he pointed out, was to effectively free more funds for the deposit money banks to have excess liquidity to lend to those who were able to submit verifiable investment proposals in the real sector of the economy.
He however expressed regrets that the funds have not impacted the market yet, because the banks were still processing some of the proposals submitted to them.
Premium Times
On the proposed streamlining of foreign exchange guidelines, the CBN governor apologised that the decision was being delayed, saying consultations were on-going with various interest groups on how to improve FX supply.
“As soon as we are able to achieve tangible success in this direction we will unfold this to Nigerians. We are hoping that with time the supply of foreign exchange would be improve,” he said.
Mr. Emefiele said during the previous meeting, the CBN had adopted an accommodating monetary policy introduced since July 2015 to address the growth concerns in the economy.
The policy of lowering both the CRR and MPR, he pointed out, was to effectively free more funds for the deposit money banks to have excess liquidity to lend to those who were able to submit verifiable investment proposals in the real sector of the economy.
He however expressed regrets that the funds have not impacted the market yet, because the banks were still processing some of the proposals submitted to them.
Premium Times
