Why ABCON lauds CBN’s Monetary Policies


Aminu Gwadabe, Association of Bureaux De Change Operators of Nigeria, lauds the monetary policies of the Central Bank of Nigeria for stabilising the economy 



THE Association of Bureaux De Change Operators of Nigeria, ABCON, has reinforced its support for the Central Bank of Nigeria’s, CBN, financial stability and monetary policy functions. Aminu Gwadabe, president, ABCON, said the apex bank under its current governor, Godwin Emefiele, had achieved financial stability and promoted monetary policy initiatives that kept the economy on the right path.

In a statement, Gwadabe said CBN’s sound monetary policy decisions had also impacted positively on the banking system and economy, adding that bank customers now had confidence in the financial system. He said the monetary policy decisions of the CBN had helped to lower inflation rate, boosted foreign reserves and stabilised the naira.

He said the local currency had been continuously strengthened by the CBN dollar/Yuan interventions and other policy initiatives. “The monetary policy decisions, Anchor Borrowers’ Programme and foreign exchange interventions are among the measures that brought inflation down from 17.2 percent in April, 2017 to 11.37 percent in January 2019. The CBN-led Monetary Policy Committee has kept benchmark interest rate steady at 14 per cent for over two years to curb inflation and support the naira,” he said.

Gwadabe said the CBN’s registration of more International Money Transfer Operators, which increased their number from 11 to 60 operators, had also boosted diaspora remittance inflows into the economy, adding that the short-term outlook of the economy remained good. He also applauded the CBN’s initiatives, including the Investors’ and Exporters’ Forex window, which had helped to attract foreign capital investment into the economy as well as foreign investors who were committed to unlocking Nigeria’s economic potential.

According to him, CBN’s restriction on 42 items that could be produced locally from accessing foreign exchange had not only improved the local production of the concerned items but led to better utilisation of available foreign exchange. The ABCON boss also applauded the CBN’s Anchor Borrowers programme, which had led to Nigeria’s self-sufficiency in rice production, moving the country from a net importer of rice to a major producer of rice, supplying key markets in neighbouring.

– Mar. 8, 2019 @ 16:49 GMT |

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