The Coordinating Minister for the Economy and Minister of Finance, Dr.
The minister, reacting to the suspension of the central bank governor, told reporters in
She also expressed optimism that the tight monetary policy which the CBN has been driving would be sustained.
She said: "But I just wanted to use this opportunity to assure the market participants of the resolute attention that this government will be paying to managing the economy. Our objective remains to maintain macro-economic stability. That has been the hallmark of this government and of this administration. It is the macro-economic stability we maintained that has enabled us to continue to transform the different sectors of the economy, and that will not change. We will maintain tight fiscal policy. We expect a continuation of the tight monetary policy that has been on at the central bank.
We expect that this would continue because the new acting Governor, Dr.
"So we urge market participants to go back to business. We hope that the stability of the naira will be there and we will be able to manage the situation, going forward. That's what I want to assure people; that there will be no change in the policy stance of the government concerning the economy. The tight fiscal and monetary policies will continue. Let me just add that we are still in a good shape. Inflation is still at a single digit of about 8 per cent, our external reserves are at
According to the minister, the positions of those who assess the health of the nation's external reserves and the economy generally, including the
She added that the fiscal deficit remains tight at 1.9 per cent of Gross Domestic Product (GDP) and it would remain the same this year and would not go up. Also, she said the country still has a current account surplus, noting that these factors combine to showcase a stable economy.
Although the news of Sanusi's suspension led to a fluctuation in the market with the naira depreciating, she said a continuation of the tight monetary of the CBN as well as the government's fiscal policies would continue and engender a stable currency.
According to her, Alade was the longest deputy governor of the apex bank, who was part and parcel of the policy thrust of the bank, and was not expected to deviate from the path of tight monetary policy which has been in place for since.
On whether political motives would not be imputed into why Sanusi was axed, the minister said: "I think it is the president's prerogative... He is running the Nigerian government... "
On the submission of the name of Emefiele to the
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