The Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, said on Wednesday the bank would continue to explore further avenues to ensure that interest rates are supportive of domestic production needs.
The CBN governor stated this while delivering a keynote address at the 24th edition of the CBN annual seminar for finance correspondents and business editors in Awka.
The theme of the seminar is: “Import Substitution and the Dynamics of Interest and Exchange Rates Management in Nigeria.”
Emefiele, represented by the Acting Director, Corporate Communications Department of CBN, Mr. Isaac Okorafor, said the apex bank would also continually fine tune measures to guarantee stable exchange rate regime.
With ongoing recovery in economic performance, he said the CBN would record improved outcomes in its effort towards taming inflation, reducing interest rates and guaranteeing exchange rate stability.
Emefiele added that the bank was consistently devising ingenious approaches to solve the country’s peculiar challenges and would continue to learn from the experiences of other countries, particularly developing nations.
He noted that the bank had consistently sought to formulate interest and exchange rate policies that were conducive to the development of domestic private industrial activities.
According to him, the CBN is also taking due cognisance of other macroeconomic variables.