Central Bank of Nigeria (CBN) revealed Monday its new five-year policy would focus on double-digit growth and single-digit inflation. The country could witness $12 billion non-oil exports by 2023.
CBN Governor Godwin Emefiele said the exchange rate will be managed-float and the banks jacking up capital base more than N25 billion at least.
Swift reactions were seen from stakeholders immediately after the announcement. The Chartered Institute of Bankers of Nigeria (CIBN) believes to recapitalize the banks.
Briefing to the press Emefiele detailed further the five-year policy direction saying intervention programme of CBN would be extended to the youths who have entrepreneurship skills in the creative industry.
He added the banks would be encouraged to focus more on supporting the education sector in the country.
He further said that external reserves would be increased and support efforts at diversifying the economy with the intervention programmes of the CBN in the manufacturing and agriculture sectors.
The Governor is in the second term in office and pledged to work his best in fulfilling the objectives.
He said CBN would be seeking wider financial inclusion and by 2024 more than 95 percent of eligible adults would have access to financial services.
He added, “Our ultimate objective is to anchor the public’s inflation expectation at single-digit in the medium to long run… We believe a low and stable inflationary environment is essential to the growth of our economy because it will help support long term planning by individuals and businesses.”
