CBN targets market-determined exchange rates

Image result for CBN targets market-determined exchange ratesThe Central Bank of Nigeria is in the process of improving the implementation of its current policies, aimed at achieving a market-determined exchange rate regime to build confidence and encourage foreign exchange inflows.

An Economic Recovery and Growth Plan released on Tuesday by the Ministry of Budget and National Planning said the CBN’s monetary policy decisions and actions had prioritised price stability.

It said it was instructive to note that this is a temporary policy measure that would be reviewed with a view to removing the market restrictions over time.

According to ERGP, CBN is currently supporting growth in the rest of the economy through its dedicated support to micro, small and medium enterprises and the agricultural sector, through initiatives such as the Anchor Borrowers Programme.

leave a reply