“Data from CBN shows that from 2013 to 2017, total foreign exchange committed to imports in the country stood at 119.41 billion dollars, while total foreign exchange committed to imports in oil sector stood at 36.37 billion dollars.”
Browsing: Mr. Godwin Emefiele
Princewill Demian 25 April 2018, Sweetcrude, Abuja – The Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, has…
“In order to continue our gains in local production and help boost non-oil exports, we are in the process of finalising the creation of a N500 billion fund with the Nigeria Export-Import Bank (NEXIM) to assist local manufacturers interested in non-oil exports.”
The MPC rose from its first meeting in 2018, retaining the benchmark interest rate at 14 per cent, the Cash Reserve Ratio (CRR) at 22.5 per cent and the liquidity ratio at 30 per cent.
Those confirmed are Mrs. Aisha Ahmad and Mr. Edward Lametek Adamu as deputy governors and Mr. Adeola Adenikinju, Mr. Aliyu Sanusi and Mr. Robert Asogwa as members of the Monetary Policy Committee (MPC).
Unable to hold its first meeting for the year last January, the next meeting of the CBN committee in charge of monetary policy was supposed to hold on either March 19 or 20.
“We’ve gotten to a point where we don’t care whether oil prices will be sustained at the level that they have recently risen to. We’ve been able to balance our budget at $45-$46/bbl and we’ve got to learn to live comfortably at that level.”
“We are pleased that key economic indicators continue to move in the right direction. With modest recovery in oil prices and boost in domestic production, we exited the recession in 2017, while inflation has continued its decline and is now at 15.37 percent for December 2017.”
Figures obtained from the CBN on Monday indicated that the External Reserves reached the $40.4 billion mark on January 5, 2018, indicating an increase of about $1 billion between December 2017 and January 2018.
In October, the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, said he expected inflation rates to fall at a faster pace and reach high single-digit rates by the middle of 2018.
