“On the argument to hold the rates, the committee believes that the effect of fiscal policy action towards stimulating the economy has begun to manifest as evidenced in the exit of the economy from the 15-month recession.”
Browsing: Mr. Godwin Emefiele
“If we remain resolute with our efforts, policies and actions, we can attain a foreign exchange (forex) reserves position of about $40 billion by end 2018.”
Oscarline Onwuemenyi 09 November 2017, Sweetcrude, Abuja – For the first time in the Nigeria’s chequered budgeting history, the Federal…
“The most compelling argument for a hold was to achieve more clarity in the evolution of key macro economy indicators, including budget implementation, economic recovery, exchange rate, inflation and employment generation,” he said.
Emefiele said the MPC sees the slow implementation of the 2017 budget as a challenge, calling on the fiscal authorities to speed up the process in line with the Economic Recovery and Growth Plan.
Emefiele noted that the positive indicators such as inflation moving upwards and GDP moving up from negative aggregate are indications that by the third quarter of the year, the country will be out of recession.
The exchange rate of the naira against the U.S. dollar appreciated on the parallel market last week when it gained N6 to close at N380 on Friday, stronger than N386 last Monday, as the central bank sustained its dollar injection in the interbank forex market.
“For the avoidance of doubt, it must be reiterated that the relevant provisions of the Money Laundering Prohibition Act 2011 (as amended) and CBN AML/CFT Regulations, 2013, require banks and other financial institutions, OFIs, to render various returns to the CBN and Nigeria Financial Intelligence Unit, NFIU.”
At the weekend, Osinbajo panel assured that in the discharge of its work, it would invite all relevant officials and private individuals who may be connected to both cases. It vowed to obtain and scrutinize documents that may throw some light on the issues raised in both cases.
The committee alleged that one of the indicted companies, H. A. R Petroleum Services Limited, obtained forex worth $11,878,471.67 at the bid rate of 160.01 for importation of PMS in January 2015 and an additional sum of $14,607,992.69 at the bid rate of 310 for importation of PMS in June 2016.
