Central Bank of Nigeria (CBN) Governor, Godwin Emefiele has set the post-election agenda for the nation’s monetary policy.
According to Emefiele, the bank’s current monetary policy is expected to continue while inflation is estimated to rise to 12 percent and moderate thereafter.
He hinged the monetary policy of the bank on rising inflation expectations.
The CBN boss, however, noted that the bank would adjust the policy rate in line with unfolding conditions and outlooks.
According to him, just as in the previous year, the bank will continue in its drive to ensure that the policy interest rate is set to balance the objectives of price stability with output stabilisation.
While basing the inflationary projection on productivity gains in the agriculture and manufacturing sectors, he said the Gross Domestic Product (GDP) would be expected to pick up in the first half of the year.
This, he attributed to the continued efforts at driving indigenous production in high-impact real sector activities.
On the exchange rate policy, Emefiele said the bank in spite of expected pressures from volatility in the crude oil markets, would maintain its stable exchange rate over the next year.
(NAN)