Forbes endorses CBN ’s ABP, monetary policy choices

FORBES Customs Emerging Markets has applauded the Anchor Borrowers’ Programme (ABP) of the Central Bank of Nigeria (CBN), as well as the bank’s use of monetary policy to ensure financial stability in Nigeria.

Forbes Custom is a United States-based publishing site that features special advertising sections from Forbes magazine, as well as industry articles and videos from clients and partners.

President of Forbes Customs Emerging Markets, Mark Furlong, while presenting an award to the CBN, governor, Godwin Emefiele, as  the 2017 Forbes magazine Best of Africa Innovative Banking Award emphasized that the award was in recognition of Mr Emefiele’s courage and determination in using monetary policy to ensure financial stability in Nigeria.

Furlong said the CBN, under Mr Emefiele, had also shown transparency, which had helped to stabilise the economy through interventions in the real sector of the economy, even as  the bank’s ABP has been a major boost to the development of the agricultural sector in Nigeria.

Emefiele, while receiving the award at an event hosted on the sideline of the 2017 Annual Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF), disclosed that the foreign exchange (FX) inflows into Nigeria through the Investors’ and Exporters’ FX Window has reached a whopping $10 billion since the window was launched six months ago.

In his address, the CBN governor told the audience made up of top banking and finance executives, diplomats, business executives, technocrats, as well as journalists that Nigeria has overcome the difficult economic times occasioned mainly by the drop in the price of crude in the international market, as well as foreign investors’ transfer of funds from emerging and frontier markets back to United States markets following the stability in that economy.

The governor, however, thanked the investors for returning to the market and hailed Nigerians for their resilience and patience as the apex bank and the President Muhammadu Buhari administration implemented reforms geared towards returning the country to its glory days of self-sufficiency in manufacturing and agriculture.