By our reporter/ There is synergy between fiscal and monetary authorities over the country’s foreign exchange regime, CBN governor, Godwin Emefiele has said.
Emefiele stated this while speaking with Arise TV on the sidelines of the recently concluded Nigeria International Partnership Forum in Paris in reaction to concerns raised by Yemi Osinbajo, Vice-President over naira devaluation.
The vice president had urged the apex bank to review it’s policy as the monetary policies are competing with the fiscal side.
But Emefiele said that President Muhammadu Buhari directed the CBN to help create an economic recovery programme.
He said, “After that, the president said that we should establish the national economic sustainability programme group chaired by the Vice-president.”
According to Emefiele, the CBN had discharged its duties, contributing a larger quota to the successful implementation of the programme.
“The Central Bank played an active role in the development of that programme to the extent that the fiscal authorities were only meant to contribute N500 billion and the monetary authorities were left to provide about N1.5 trillion,” he added.
“Please let me correct this, not as grants but as loans to support people who were impacted by COVID-19 so that they can get their business back.”
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