Home NEWS ECONOMY Emir Sanusi commends CBN’s decision to retain MPR, other indicators

Emir Sanusi commends CBN’s decision to retain MPR, other indicators

The Emir of Kano and immediate past Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi  Lamido Sanusi, has aligned himself with the decision of the Monetary Policy Committee (MPC) of the CBN to retain the Monetary Policy Rate (MPR) and other macroeconomic indicators unchanged.

The Emir who was the royal father of the day at the official launch of the Afrinvest Banking Sector Report 2016, with a theme: ‘Searching for Investor Confidence’, Said that in the last two weeks, the nation’s economy has been the major topic for discussions and we want conversations around the economy because that is what we have always wanted.

According to him: “We are hoping that policy makers will begin to engage economists and the private sector, and also hoping that Nigerians will begin to speak up as everyone is just on ideas that we think is needed to be given a chance to be implemented because we are in a crisis of economist.”

Commenting on the decision of the CBN Governor, Godwin Emefiele and the MPC, which was contrary to the believe of the Minister of Finance, Mrs. Kemi Adeosun that there was a need for the apex bank to lower interest rates, Sanusi said: “To be honest when the fiscal authority said they wanted a lower interest rate I was concerned that the Central Bank would succumbed to pressure. The fact that the CBN did not means, to me, that the Central Bank has beginning to claim its independent position which is a very good thing for this country.”

Earlier in his presentation of the Nigeria Macroeconomic Environment & Review of the Nigerian Banking Sector Performance in 201/206, Group Managing Director/ CEO, Afrinvest West Africa Limited, Mr. Ike Chioke, noted that Nigeria, in the last two years has been dealing with the fall in global oil prices as well as militancy induced output disruptions, which he said has fundamentally crippled the fiscal earning capacity of government and also undermined external sector and financial system stability.

Chioke explained that lower foreign exchange receipts have weakened the country’s external reserves and ultimately deflated the CBN’s politically inspired defence of the local currency, adding that most macroeconomic indicators have deteriorated as the economy grapples with a recession amid galloping inflation and rising unemployment.

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