{"id":35819,"date":"2019-11-02T20:28:56","date_gmt":"2019-11-02T19:28:56","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=35819"},"modified":"2019-11-02T20:28:56","modified_gmt":"2019-11-02T19:28:56","slug":"economy-cbns-unconventional-growth-policy-paying-off-emefiele","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/economy-cbns-unconventional-growth-policy-paying-off-emefiele\/","title":{"rendered":"Economy: CBN\u2019s Unconventional Growth Policy Paying Off \u2014Emefiele"},"content":{"rendered":"

Central Bank of Nigeria Governor, Godwin Emefiele has said that ensuring price stability and growing the nation\u2019s economy through unconventional policy is paying off.<\/p>\n

Emefiele stated this at the first convocation lecture of Edo University, Iyamho, Auchi on Friday.<\/p>\n

The governor said in spite of the criticism from certain quarters the bank would not be deterred by the activities of critics.<\/p>\n

According to him, the monetary policy which was being condemned by the opposition has so far delivered a good result.<\/p>\n

\u201cWhen we began to utilise these tools, they were initially criticised by adherents of conventional monetary policy tools.<\/p>\n

\u201cCritics asserted that our Foreign Exchange policies constituted of exchange restrictions, rationing of forex discretionary allocation based on priority categories and a multiple currency practice.<\/p>\n

\u201cWhile there is sufficient evidence of significant reductions in our annual import bill, and increased non-oil exports, these critics assert that we are restricting trade and creating unfair competition.<\/p>\n

\u201cTo our critics, conventional Monetary Policy requires that to encourage domestic production, we should impose higher tariffs and levies.<\/p>\n

\u201cHowever, our experience in Nigeria has shown that these tools have never worked, given the various attempts by certain economic agents to undermine the success of these policies,\u201d he explained.<\/p>\n

Emefiele said that regardless of the views of critics, the unconventional measures were well thought through and had been yielding significant gains for the nation\u2019s economy.<\/p>

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He added that among the benefits noticed was the growth in Gross Domestic Products (GDP)<\/p>\n

He said after the five consecutive quarters of negative growth, beginning in the first quarter of 2016, there was a coordinated approach by the fiscal and monetary authorities to support a rebound in the nation\u2019s economy during the second quarter of 2017.<\/p>\n

According to him, recovery has been driven largely by improved non-oil activities especially the agricultural sector.<\/p>\n

He stated that agriculture was nonetheless reinforced by the pickup in the oil sector as oil prices rallied in 2017.<\/p>\n

Emefiele added that the recovery had been sustained for nine consecutive quarters and it was expected to get stronger in the short-to-medium-term.<\/p>\n

The CBN governor said as a result of the implementation of a tighter monetary policy regime, intervention programmes in the agricultural and industrial sectors, as well as improved forex inflows, had reduced inflation.<\/p>\n

He noted that inflation began to decline from its peak of 18.7 per cent in January 2017 to 11.24 per cent as of September 2019.<\/p>\n

(NAN)<\/p>\n","protected":false},"excerpt":{"rendered":"

Central Bank of Nigeria Governor, Godwin Emefiele has said that ensuring price stability and growing the nation\u2019s economy through unconventional policy is paying off.<\/p>\n","protected":false},"author":6,"featured_media":33251,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[17],"tags":[36,6365],"coauthors":[2391],"class_list":["post-35819","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-news","tag-cbn","tag-godwin-emefeile"],"yoast_head":"\nEconomy: CBN\u2019s Unconventional Growth Policy Paying Off \u2014Emefiele - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/economy-cbns-unconventional-growth-policy-paying-off-emefiele\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Economy: CBN\u2019s Unconventional Growth Policy Paying Off \u2014Emefiele - 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