Emefiele Applauds IMF’s Support

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has applauded the International Monetary Fund’s (IMF) support for the Central Bank of Nigeria’s monetary policies.Information Guide Nigeria

THE WILL reports that Emefiele made this remark while addressing journalists on the sidelines of the IMF/World Bank Spring Meetings in Washington DC, US which ended on Sunday.

Emefiele said: “We are delighted that even in Sub-Saharan Africa, the growth levels in Nigeria, even though by our assessment is still sub-optimal, that the IMF would among all the countries in Africa, say that growth in Nigeria should be retained at 3.2% gladdens our heart.

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“It means we are doing certain things that are correct, and we’ll continue to do those things that are right. But it also means that we are not going to remove our eyes on monetary policy, which is to focus extensively on how to moderate inflation.”NYSC Portal

“So, the focus remains that monetary policy and monetary authorities must continue to focus on inflation so as to continue to bring it down. While monetary authorities are doing their work, to bring down inflation, they must also keep their eyes on banking systems’ stability, through monitoring, supervision, and regulatory frameworks and the rest of them.”

Speaking about the general overview of the Spring Meetings which ended over the weekend, Emefiele noted that,“The forecast at the meeting remains that yes, a lot of work has been done in 2022, and growth is gradually returning again, but it is still at the sub-optimal level.

“Inflationary pressures continue and even though inflation is coming down as a result of measures being taken by monetary authorities to bring down the inflation rate, it still remains at very high levels globally to the extent that even as global inflation is projected at seven per cent, it remains very high.

“And the high point of all the consequences of what we’ve seen in 2022 is that poverty, which was very well discussed here, has risen quite astronomically globally and over 700 million people are being struck by poverty.

“Food insecurity has also risen quite tremendously to the extent that over 350 million people globally are hit by extreme food crises all over the world,” he said.JAMB Result

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