Eme­fiele to Un­veil 2019 Mon­e­tary Pol­icy Direc­tion

THISDAY - - BUSINESS / MONEY GUIDE - Obinna Chima

The Cen­tral Bank of Nige­ria (CBN) Gov­er­nor, Mr. God­win Eme­fiele, will next week un­fold the Bank’s plans for 2019 year, dur­ing the first Mon­e­tary Pol­icy Com­mit­tee (MPC) meet­ing sched­uled for Jan­uary 21 to 22.

The Di­rec­tor, Cor­po­rate Com­mu­ni­ca­tions at the CBN, Mr. Isaac Oko­rafor, dis­closed this in a state­ment.

Also, Oko­rafor con­firmed the CBN’s in­jec­tion of the sum of $263 mil­lion into the Re­tail Sec­ondary Mar­ket In­ter­ven­tion Sales (SMIS), be­ing its first in­ter­ven­tion in that sec­tor this year. This was in ad­di­tion to the sum CNY 39 mil­lion con­sum­mated through a com­bi­na­tion of spot and short-tenored for­wards, aris­ing from bids re­ceived from au­tho­rised deal­ers. The fig­ures ob­tained from the CBN re­vealed that the US dol­lar-de­nom­i­nated in­ter­ven­tions were for re­quests in the agri­cul­tural and raw ma­te­ri­als sec­tors while the Yuan sale was for pay­ment of Ren­minbi-de­nom­i­nated Let­ters of Credit for agri­cul­ture as well as raw ma­te­ri­als.

Oko­rafor, said the move was in fur­ther­ance of Eme­fiele’s avowed com­mit­ment to en­sur­ing for­eign ex­change liq­uid­ity in the sys­tem as well as boost­ing trade and pro­duc­tion.

With the rates clos­ing at N359/$1 last Fri­day, Oko­rafor, ex­pressed con­fi­dence that the CBN, in the weeks ahead, would sus­tain its in­ter­ven­tion through the sale of for­eign ex­change to all seg­ments of the mar­ket to meet all le­git­i­mate for­eign ex­change de­mand in the mar­ket while also striv­ing to achieve ex­change rate sta­bil­ity in the mar­ket.

L-R: Busi­ness Devel­op­ment Divi­sion, Sigma Pen­sions, Mr. Uzor Sun­day Okolie; So­cial Worker, Hikanos Or­phan­age, Mrs.Ak­in­bode Ade­dayo; Head, Strat­egy, Sigma Pen­sions, Mrs. Adaora Ude; Man­ager, Hikanos Or­phan­age, Mr. Afo­labi Oloyede and Busi­ness Devel­op­ment De­part­ment, Sigma Pen­sions, Mrs. Ke­hinde Aiye­ola, dur­ing the do­na­tion of goods to Hikanos Or­phan­age in La­gos…re­cently

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