The new acting governor of the Central Bank of Nigeria (CBN), Dr. Sarah Alade has assured Nigerians that the development that led the change in the leadership of the bank will not alter the existing policy of the apex institution.
She said the management of the bank is Committed to the monetary and price stability and the smooth functioning of the foreign exchange market (forex), adding that that “with the current level of reserves at seven months of imports cover, as at end December 2013, the bank’s ability to intervene in the forex market is not in doubt”.
The acting governor added that the nation’s economy remained strong, sound and resilient over time. “Available data from the National Bureau of Statistics indicated that inflation rate was 8.00 percent in January 2014 and in deed, it is important to draw attention to the fact that inflation rate has remained within single digit in the last 13 months”, said the governor who pointed out to the fact fact the domestic economy remained robust with a growth of 6.87 per cent in 2013 and also the exchange rate has remained generally stable.
She explained further that what happened on Thursday from the suspension of Mallam Sanusi Lamido Sanusi,as the governor of the CBN, by President Goodluck Jonathan was a mere reaction to the suspension. Dr. Alade while allaying of fears of any future market mishaps said “we will continue to defend the naira, we will to intervene until we achieve the stability we desire”.
The acting governor reassured both domestic stakeholders and international community that the bank is committed to sustaining its achievements through the use of appropriate monetary policy tools to ensure price and financial system stability.
She said: “Let me reassure stakeholders that the CBN will continue to intervene in the interbank forex market to ensure the stability of the exchange rate of the naira and preserve the value of the domestic currency”.
” I wish to assure you that the bank has the capacity to meet the demands of all foreign exchange users. Let me seize this opportunity to reassure all stakeholders once again that the Bank has no immediate to devalue the naira.
“I wish to assure all our stakeholders that the bank’s policies and operations will continue to be firmly anchored on the realization of its principal objectives in line with the provisions of the CBN Act 2007″, adding that the principal goal objectives of ensuring monetary and price stability, policy measures will continue to be consistent with sustainable non-inflationary growth, through the adoption of appropriate mix of monetary policy measures and coordination with fiscal policy.
Culled from watchdogreporters.net
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