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CBN Predicts Stability in FX as External Reserves Hit $43bn;
By James Emejo in Abuja
The Central Bank of Nigeria (CBN) Thursday said it expected further stability in the foreign exchange market in 2019, banking on the decision of the US Federal Reserve not to hike interest rate in the near future.
The apex bank added that the stability currently being enjoyed in the FX market had boosted the country’s external reserves to over $43 billion.
This is coming as the Bankers’ Committee has identified the creative industry and IT sectors as critical sectors to support social and inclusive growth in the country and was considering single-digit credit for the sectors.
CBN Director of Development Finance, Mr. Mudashiru Olaitan, explained that the reports that the US Federal Reserve will not raise rates was particularly good for emerging economies, including Nigeria as it means that the dollar is not going to strengthen against our currency. “So, when we already have stability in our foreign exchange market, that is good news that is going to help stability,” he said.
Addressing journalists yesterday, alongside other banks chief executives at the end of the 342nd meeting of the Bankers’ Committee in Abuja, he said the committee deliberated on the global slowdown in economy, the downward growth projection by the IMF in 2019, partly as a result of the China, US trade tariffs war as well as Brexit.
However, he said the latest GDP growth figures from the National Bureau of Statistics (NBS) which showed the economy posted 2.38 per cent growth in the fourth quarter of last year offered some cheerful news for the country, stressing that the country’s economy forecast for the year looked impressive.
Also, the Group Managing Director/Chief Executive, Access Bank Plc, Mr. Herbert Wigwe, said the committee identified the creative industry and IT sector as critical sectors to support social and inclusive growth in the country.