Monetary policy, financial stability put nation’s economy on right path- ABCON

Bureau De Change operators have said that the financial stability and promoted monetary policy initiatives of the Central Bank of Nigeria have moved the nation’s economy in a right direction.

They also said that the apex bank sound monetary policy decisions have  impacted  on the stability in the banking system and economy, adding that bank customers now have confidence in the financial system .

A statement from the President, Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe said the monetary policy decisions of the CBN has helped to lower inflation rate, boosted foreign reserves and stabilized the Naira.

He said the local currency has been continuously strengthened by the CBN dollar/Yuan interventions and other policy initiatives. 

“The monetary policy decisions, Anchor Borrowers’ Programme and foreign exchange interventions are among the measures that brought inflation down from 17.2 per cent in April, 2017 to 11.37 per cent in January 2019. The CBN-led Monetary Policy Committee (MPC) has kept benchmark interest rate steady at 14 per cent for over two years to curb inflation and support the naira,” he said.

He said CBN’s  registration of more International Money Transfer Operators (IMTOs) from 11 to 60 operators has also boosted  Diaspora remittance inflows into the economy adding that the short-term outlook of the Nigerian economy remains good.

He also applauded the CBN’s initiatives including the Investors’ and Exporters’ (I&E) Forex window, which has helped to attract foreign capital investment into the economy as well as foreign investors who are committed to unlocking Nigeria’s economic potential.

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