Given the enormity of the prevailing challenges and uncertain outlook, the CBN undertook a number of monetary policy, exchange rate policy and development finance initiatives to correct some of the underlying imbalances and initiate a recovery. Based on our understanding of the importance of price stability for long-term term output stabilization and welfare maximization, the Bank appropriately maintained a restrictive money policy stance with a view to containing rising inflation and extricating the system of the unwanted money illusions caused by inflation to achieve. To compliment this, we introduced a more liberalized foreign exchange market in June 2016 with a view to enhancing market transparency, jumpstarting capital inflows and stabilizing the naira exchange rate. The bank also engaged in a number of development finance
Given the enormity of the prevailing challenges and uncertain outlook, the CBN undertook a number of monetary policy, exchange rate policy and development finance initiatives to correct some of the underlying imbalances and initiate a recovery. Based on our understanding of the importance of price stability for long-term term output stabilization and welfare maximization, the Bank appropriately maintained a restrictive money policy stance with a view to containing rising inflation and extricating the system of the unwanted money illusions caused by inflation to achieve. To compliment this, we introduced a more liberalized foreign exchange market in June 2016 with a view to enhancing market transparency, jumpstarting capital inflows and stabilizing the naira exchange rate. The bank also engaged in a number of development finance
