A Development Economist, Dr. Rahman Adewale has said that Nigerians have a lot to gain from Central Bank of Nigeria’s tight monetary policies.
Adewale who is also the Managing Director of Transnational Investments Limited, while speaking to journalists said “Those who are accusing the CBN of over-regulation may not know why it is like that but obviously the apex bank will have to continue this way in order to create required stability in the economy.
“The challenge of controlling current level of inflation, stabilising the price level and liquidity in the market are of critical importance and as such, the current stance on regulation are exigent measures. Inflation in particular remains in single digits since January 2013 which I believe is a confirmation of the effectiveness of sustained tight monetary policy of the CBN.
“The moderate growth so far recorded could do better when efforts are geared towards improvement in the non-oil sector . This is the challenge of the effects of dwindling oil revenue and it is a call to action. Thus both current fiscal and structural policies should continue to be complemented with on-going monetary policy framework.
“Following the unification of the forex market in February, there has been significant stability in the forex market with the naira consolidating against the dollar but we can still do better. Also there is a reasonable improvement in the equities of the capital market, suggesting a modest recovery in share prices which is a good thing. Now the challenge is for the CBN to further consolidate on this improvement and boost earnings in the market and by extension deepening the whole market and profitability.”
He also advised that the fight against corruption should be fought with sanity.