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tolu ogunlesi @toluogunlesi
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.@cenbank Governor Emefiele: "Based on our internal research conducted at the Central Bank of Nigeria, there's strong support that the recovery of our economy from the recession may have been much weaker or even negative without the implementation of the restriction on 41 items."
CBN Gov: "Activities in the manufacturing sector also witnessed significant improvement between August 2016 and August 2018, as the Primary Manufacturing Index rose from a low of 42 per cent in August 2016 to 57 per cent in August 2018."
CBN Gov: "The CBN and PEBEC worked together to improve access to credit for under-served Nigerians, through the set-up of a National Collateral Registry and the passage of the Credit Bureau Act."
CBN Gov: "Noticeable declines were steadily recorded in Nigeria's monthly food import bill from $665.4 million in Jan 2015 to $160.4 million as at Oct 2018; a cumulative fall of 75.9 percent & an implied savings of over $21 billion on food imports alone over that period."
CBN Gov on 2015 vs 2018 #Nigeria Food Import Bill: "97.3 percent cumulative reduction in monthly rice import bills, 99.6 percent in fish, 81.3 percent in milk, 63.7 percent in sugar, and 60.5 percent in wheat."
CBN Gov: "The @cenbank recently introduced the Real Sector Support fund; a facility meant to provide cheap funding at no more than 9 percent to new projects in the agriculture and manufacturing sectors; aimed at boosting output and creating jobs."
.@cenbank Governor: "As at October 2018, a total number of 862,069 farmers cultivating about 835,239 hectares, across 16 different commodities, have so far benefited from the Anchor Borrowers programme, which has generated 2,502,675 jobs across the country."
CBN Gov: "In light of the success of the Anchor Borrowers Program with regards to cultivation of rice and maize, the Monetary Policy Committee on November 21, 2018 recommended that the Anchor Borrowers Program be applied to palm oil, tomatoes and fisheries, [etc]..."
CBN Gov: "Oct 2016 launch of policy on Payment Service Banks is an additional step aimed at leveraging on the distribution networks of non-bank entities, such as FMCG companies, Fintechs, and Telcos, in providing financial services to under-served communities."
CBN Gov: "CBN, at its July 2018 MPC, pledged to refund CRR to banks under certain conditions. Banks that bring proposals for funding of new projects or expansion of existing ones in agriculture and manufacturing sectors will, accordingly, qualify for CRR refund of up to 100%."
CBN Gov: "In assessing Nigeria’s recovery efforts and performance, it is essential to conduct a comparative assessment of our peers... Nigeria did not fare badly vis-à-vis other emerging market economies like Brazil, SA, Turkey, Argentina, that had similar economic experiences."
CBN Gov on currency depreciations in EM economies in 2018: "Significant currency depreciation was recorded in Argentina (by 101 percent), Turkey (43 percent), Brazil (19 percent), Russia (19 percent) and India (16 percent); even as the naira remained stable (0.006%)."
CBN Gov: "Recent Bloomberg data shows that Nigeria bond market remains one of the most attractive investment destinations -In Bloomberg's EM Local-Currency Govt Bonds index, in Q2 2018, Nigerian local bonds topped the chart with an average total return of 3.2% in dollar returns."
CBN Gov: "Nigeria’s dominance over this period was due to the stability of the I&E FX rate and the yields being high by EM standards. Investors are also sure that they can exit their positions if they want, which has been crucial in driving other investors into the market."
CBN Gov: "The CBN is determined to maintain its stable exchange policy stance over the next few months given the relatively high level of reserves. Gross stability is projected in the FX market given increased oil-related inflows and contained import bill."
CBN Gov: "Given the remarkable success achieved in stimulating domestic production of goods such as rice, cassava and maize, as a result of restrictions placed by the CBN on access to forex for 41 items, the CBN intends to vigorously ensure that this policy remains in place."
CBN Gov: "The CBN’s Economic intelligence and Banking Supervision Departments will work very hard with the EFCC to expose and sanction any, bank, company or FX operator that colludes with unscrupulous individuals / companies to undermine the policy on 41 items."
CBN Gov: "Our recently announced policy to refund portions of CRR to banks that are financing new projects (or expanding existing ones) in agriculture and manufacturing sectors will be intensified and enriched in the coming years."
Find the full speech by the @cenbank Governor, delivered at the 2018 Annual Chartered Institute of Bankers of Nigeria Dinner, here:…
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