New Telegraph

CBN, MPC plan new direction for monetary policy

The Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has said that the Monetary Policy Committee will chart a new course for an improved monetary policy and Central Bank of Nigeria (CBN) that will provide direction for monetary policy in Nigeria. The governor said this at a Monetary Policy Committee (MPC) Strategic Retreat in Lakowe, Ibeju-Lekki in Lagos on Friday.

The retreat has “Monetary Policy Implementation in a Digitally-Evolving Developing Economy’’, as its theme.

Emefiele said that technology and innovation was playing a major role in output growth and economic development in Nigeria, hence the need to explore new ways of adapting monetary policy tools to improving the contribution of technology and innovations to the growth equation.

He said that monetary policy had been severely challenged, as its policy space narrowed significantly, in some cases, paradoxically and necessitating the need to rethink monetary policy in the context of emerging challenges and economic transformation.

“I, therefore, commend our choice of the theme of this retreat ‘Monetary Policy Implementation in a Digitally-Evolving Developing Economy’. “The evolution of FinTechs, Cryptocurrencies, Digital Payments, Artificial Intelligence and Machine Learning, have changed the functioning of the financial and banking sectors, both globally and domestically.

“Therefore, the urgent call for the need to rethink financial  system regulation, supervision and monetary policy implementation,’’ the CBN governor said.

According to Emefiele, whereas, innovations come with lot of risks and uncertainties for the sectors, they also have many benefits for positive economic transformation, particularly, financial inclusion which has been the principal catalyst for inclusive growth, poverty reduction and employment generation.

The governor also said that the apex bank had championed the financial inclusion principle to achieve the Sustainable Development Goals (SDGs), including the recent launch of the eNaira.

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