UPDATED: CBN Gov unveils 2019-2024 policy direction

The Governor of Central Bank, Godwin Emefiele, on Monday presented the Monetary Policy roadmap for his 2019-2024 new term in office.

Making the presentation at the CBN headquarters for the next five years, Emefiele said the apex bank will target double digit growth and bring inflation down to single digit, preserve micro-economic stability, increase access to finance and credit to bank customers, encourage DMBs to support education.

The CBN boss also revealed that there are plans to carry out another round of recapitalisation exercise for deposit money banks in the country.

He said, “We will continue to improve our on-site and off-site supervision of all financial institutions while leveraging on data analytics and our in-house experts across different sectors to improve our ability to identify potential risks to the financial system as well as risks to individual banks.”

“In the next five years, we intend to pursue a programme of recapitalising the Nigerian banking industry so as to position Nigerian banks among the top 500 in the world.

“Banks will, therefore, be required to maintain a high level of capital as well as liquid assets in order to reduce the impact of an economic crisis on the financial system. With a rise in digital payment and cybersecurity threats.”

Emefiele equally said that to ”reduce the impact that exchange rate volatility could have on our economy”, CBN will continue to defend the naira within the next five years as there are no plans to float the country’s currency.