Nigeria Central Bank should adopt policies to tackle inflation, FX rate – State advisory body

Paying Social Media Jobs
PIC. 9. FROM LEFT: DEPUTY CHIEF OF STAFF TO THE VICE PRESIDENT, MR ADE IPAYE; HEAD OF THE CIVIL SERVICE OF THE FEDERATION, MR DANLADI KIFASI AND VICE PRESIDENT YEMI OSINBAJO, DURING THE NATIONAL ECONOMIC COUNCIL MEETING AT THE PRESIDENTIAL VILLA IN ABUJA ON THURSDAY (23/7/15). 5508/23/7/2015/ISE/BJO/NAN
Social sharing

ABUJA, Sept 22 (Reuters) – Nigeria’s central bank should adopt a “special monetary policy” to tackle inflation and the country’s foreign exchange rate, the advisory National Economic Council said on Thursday.

The council’s comment comes after the central bank left its benchmark rate at 14 percent, defying calls from the finance minister to lower borrowing costs, so that the government can borrow domestically to boost the economy without increasing debt-servicing costs.

The council, composed of former presidents and state governors, urged the “central bank to introduce special monetary policy dictated by consumer price and exchange rate,” Yetunde Ononuga, deputy governor of Ogun state, told reporters after a meeting of the body. She did not elaborate.

The body, which advises government, does not make policies.

The central bank has said it will keep interest rates tight to attract foreign flows into the currency market to boost liquidity and resolve a chronic dollar shortage brought upon by a slump in oil prices.

It added that past interest rate cuts had not spurred credit growth as the banking system did not respond to the move and rate cuts alone will not help pull Nigeria out of a recession amidst rising inflation.

Finance Minister Kemi Adeosun told the council the country had $2.453 billion in its oil savings Excess Crude Account as at September. (Reporting by Felix Onuah; Writing by Ulf Laessing and Chijioke Ohuocha; Editing by Richard Balmforth)

 

Leave your comment on this post
READ ALSO  Why we feel so busy all the time - even when we're actually not
About 9News Nigeria 11011 Articles
9News Nigeria is Nigeria's favourite news source. For Authentic, Unbiased News on Politics, Business, Sports, Technology, Entertainment and Lifestyles, Health, Nollywood, Crime and Investigations, Family and Relationships, Inspirations .. and much more. For Latest News from Africa and around the world, 9News Nigeria is your best source. WhatsApp +2348115805632 Email: info@9newsng.com Facebook: www.facebook.com/9NewsNG | Twitter/Instagram: @9newsng

Be the first to comment

Leave your comment

Paying Social Media Jobs
Paying Social Media Jobs
Paying Social Media Jobs