Stronger Naira Attributes to Forex Inflows
The Central Bank of Nigeria (CBN) has attributed the appreciation of the naira since the second half of year 2007 to the sustained foreign exchange inflows engendered by the favorable macroeconomic environment. It also attributed strengthening of the naria to the investment climate as well as high rates of return in domestic financial markets.
The MPC, after expressing satisfaction with the performance of the economy, also decided to leave the Monetary Policy Rate (MPR) unchanged at 9.5 per cent, and to continue the use of Open Market Operations (OMO) for liquidity management and appropriate exchange rate policies. The apex bank’s disclosure was contained in communiqué 54 of the Monetary Policy Committee (MPC) issued after its meeting held in Abuja yesterday. The communiqué was signed by the CBN Governor, Prof. Chukwuma Soludo.The MPC restated its commitment to ensuring continued monetary and price stability through the pursuit of appropriate monetary and exchange rate policies.The MPC noted the steady appreciation in the Naira exchange rate, particularly in the second half of 2007. In January, 2008 the Naira exchange rate appreciated further and the weekly Dutch Auction System (WDAS) rate stood at N116.81/US$1 as at end-January.The Committee recognised that inflows could continue as they were in December and January.
However, it felt that the exchange rate would settle down at a reasonable level once the uncertainties in the global economy are reduced as a result of the monetary and fiscal actions being taken by industrialized economies.On inflation, the MPC noted with satisfaction the improvement in inflation outcomes in 2007 compared with the previous year. It said from 8.5 per cent at end-December 2006, the year- on-year (headline) inflation closed at 6.6 per cent in 2007, approximately 2 percentage points lower. “The decline in inflation in 2007 was attributable to the restrictive stance of monetary policy, complemented by considerable fiscal restraint and favorable climatic conditions for food production in some parts of the country”, the MPC said.
The communiqué, however, said inflation in December 2007 was in contrast to inflation rates in the months of December 2005 and December 2006. The committee, therefore, expressed its concern that given the rise in food prices in December 2007 and the overall global and domestic outlook, it will be necessary to ensure that inflation in 2008 is within single digit.The Committee noted that credit to the private sector maintained an upward trend in the last quarter of 2007. It said credit to the private sector grew by 96 per cent which is unprecedented in Nigeria’s history.
The MPC, after expressing satisfaction with the performance of the economy, also decided to leave the Monetary Policy Rate (MPR) unchanged at 9.5 per cent, and to continue the use of Open Market Operations (OMO) for liquidity management and appropriate exchange rate policies. The apex bank’s disclosure was contained in communiqué 54 of the Monetary Policy Committee (MPC) issued after its meeting held in Abuja yesterday. The communiqué was signed by the CBN Governor, Prof. Chukwuma Soludo.The MPC restated its commitment to ensuring continued monetary and price stability through the pursuit of appropriate monetary and exchange rate policies.The MPC noted the steady appreciation in the Naira exchange rate, particularly in the second half of 2007. In January, 2008 the Naira exchange rate appreciated further and the weekly Dutch Auction System (WDAS) rate stood at N116.81/US$1 as at end-January.The Committee recognised that inflows could continue as they were in December and January.
However, it felt that the exchange rate would settle down at a reasonable level once the uncertainties in the global economy are reduced as a result of the monetary and fiscal actions being taken by industrialized economies.On inflation, the MPC noted with satisfaction the improvement in inflation outcomes in 2007 compared with the previous year. It said from 8.5 per cent at end-December 2006, the year- on-year (headline) inflation closed at 6.6 per cent in 2007, approximately 2 percentage points lower. “The decline in inflation in 2007 was attributable to the restrictive stance of monetary policy, complemented by considerable fiscal restraint and favorable climatic conditions for food production in some parts of the country”, the MPC said.
The communiqué, however, said inflation in December 2007 was in contrast to inflation rates in the months of December 2005 and December 2006. The committee, therefore, expressed its concern that given the rise in food prices in December 2007 and the overall global and domestic outlook, it will be necessary to ensure that inflation in 2008 is within single digit.The Committee noted that credit to the private sector maintained an upward trend in the last quarter of 2007. It said credit to the private sector grew by 96 per cent which is unprecedented in Nigeria’s history.
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