2015 Election: CBN plans To cub Excessive Dollar Inflows into Nigeria
Business News, Featured, Latest Headlines, News Wednesday, September 25th, 2013
The Central Bank of Nigeria (CBN) will soon introduce policies that will check excess inflow of the U.S dollar into the economy ahead of the 2015 general election.
The CBN Governor, Sanusi Lamido Sanusi gave the indication today in Abuja at the end of the Monetary Policy Committee (MPC) meeting.
The governor, noting that though there will be resistance from some quotas when the policy against the dollarisation of the economy is out, said the apex bank will not succumb to pressure and intimidation in carrying out its statutory mandate.
Meanwhile the CBN has retained the Monetary Price Ratio (MPR) at twelve percent while the fifty percent Cash Reserve Ratio (CRR) on public sector fund and the twelve percent for private sector fund remains unchanged at 50 percent and 12 percent respectively.
The Apex Bank governor said before arriving at this decision,the committee noted that the actions taken at the last MPC have served the purpose of helping the naira avoid the fate of other developing country currencies by keeping it relatively stable
He however explained that the committee was satisfied with the positive developments in the economy especially the moderation in inflation and stability in the financial system and currency markets.
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