Abuja - The new Central Bank Governor (CBN), Godwin Emefiele, on Thursday assured Nigerians that the apex bank would focus on gradual reduction in interest rates under his leadership.
Emefiele gave the assurance at a news conference to outline his policy focus as the new CBN Governor in Abuja.
He said, “My vision for the bank would be anchored on 10 agenda, which would help the apex bank reduce poverty, create jobs and ensure macro-economic stability.
"We shall pursue a gradual reduction in interest rates.
He said that to enhance financial access and reduce the cost of borrowing credit, there was the need to pursue policies targeted at making Nigeria’s Treasury Bill rate more comparative to other emerging markets.
Emefiele said that while reduction in both deposit rates would encourage investment attitude in savers, a reduction in lending rates would make credit cheaper for potential investors.
On the exchange rate policy, he said the key goal would be to maintain exchange rate stability in view of the high import dependent nature of the economy and the significant exchange rate it passed through in recent years.
The new CBN governor explained that there was no doubt that reducing the interest rate and maintaining the exchange rate was a daunting twin goal.
To achieve the goal, Emefiele said the bank would work with stakeholders to aggressively shore up the reserve and also engage both the fiscal and political authorities.
He assured Nigerians of enhanced banking supervisory purview over the banking system and strengthening of risk-based supervision mechanism to ensure overall health and banking system stability.
Emefiele said he would create a Central Bank that is professional, apolitical, people focused and a bank that would dissipate its energies on building a resilient financial system to serve growth and development needs of Nigerians.
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