How we achieved success at CBN —Emefiele

GOVERNOR of the Central Bank of Nigeria (CBN), Dr Godwin Emefiele, has attributed the success story recorded by t banks in recent times to the adoption of heterodox macroeconomic policies.

He stated this at the International Conference Centre, University of Ibadan, on Friday, where he presented a paper entitled: Up Against The Tide: Nigeria’s Heterodox Monetary Policy And The Bretton Woods Consensus, during the distinguished leadership lecture series put together by the University of Ibadan.

Emefiele  posited that the favourable outcomes and strengthening outlook of the Nigeria economy is traceable to the timeous adoption of non-traditional policy methods.

He,  however, noted that much of the success recorded by the CBN today is due to the adoption of heterodox macroeconomic policies.

“Within the CBN, our unconventional methods especially in the management of the FX market and our development financing supported by the orthodox approaches in form of timely adjustments of monetary policy rate have been able to optimally balance the delicate objectives of price stability and real output growth.”

He further stated that the bank would continue to develop policy instruments and device ways of ensuring that an optimal mix of heterodox policies is continually deployed to engender the overall well-being and prosperity of the Nigerian economy.

Emefiele added that: “Our overall aim remains the concurrent attainment of price stability, real growth, full employment and poverty reduction.”

The CBN governor further said that the apex bank had been able to reduce inflation, build Nigeria’s Foreign Exchange reserves, maintained Foreign Exchange market stability and foster real growth.

He also hinted that the pace of population growth at about 2.6 per cent still outstrips real growth rate while inflation is outside tolerance band. “Unemployment rate and incidence of poverty remain at unacceptable levels. “ He concluded.