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CBN Gov. promises accommodative monetary policy to boost economic growth

The Central Bank of Nigeria (CBN) Governor,  Godwin Emefiele, has promised to adopt accommodative monetary policy stance in 2021 to support economic growth in the country.

Emefiele, said this on Friday, at a one-day special summit on the by the bank chief executive officers organized by the CBN/Bankers’ Committee’s initiative for economic growth. The theme of the summit is: “How to Overcome the Pitfalls of Recession.”

Emefiele said it was imperative that, “we do all we can in 2021 and beyond to ensure that we build on the positive momentum and strengthen our efforts at stimulating growth.”

He expressed optimism that with the discovery and deployment of vaccines worldwide, 2021 would be a year of massive global recovery and Nigeria must not be left out.

“The banks CEOs are here, whether by moral suasion or by force, they will have to participate in this journey. In order to drive and sustain this recovery therefore, we need to sustain the accommodative fiscal and monetary policy measures aimed at improving access to finance for households and businesses.

“Secondly, we must prevent resurgence in Covid-19 related cases. Thirdly, we must ensure that a significant number of our population is significantly vaccinated and also improve foreign exchange inflows into our country,” he added.

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