JamzNG Latest News, Gist, Entertainment in Nigeria
President Bola Tinubu has commended the disciplined approach adopted by the Central Bank of Nigeria (CBN) to monetary policy management which he said is responsible for ensuring stability and predictability in the foreign exchange market.
This discipline, he said, has led to the growth of the country’s foreign exchange reserves to over $37 billion from the inherited $33 billion but paid back the inherited foreign exchange savings of $7 billion.
Additionally, the country paid off debts of over N30 trillion, and reduced the debt service ratio from 97 percent to 68 percent despite the many headwinds facing the Nigerian economy when he took office 16 months ago.
He conveyed this in his national broadcast, Tuesday, on the occasion of the 64th Independence Day.
Listen to him, “We inherited more than $33 billion in reserves 16 months ago. Since then, we have paid back $7 billion in inherited foreign exchange savings. We have paid off debts of over N30 trillion. We have reduced the debt service ratio from 97 percent to 68 percent.
READ ALSO:Capital imports and diaspora remittances increase foreign exchange flows by 55% in six months —CBN
“Despite this, we managed to maintain our foreign exchange reserves at $37 billion. We continue to meet all our obligations and pay our bills.”
President Tinubu added that the country is moving forward in fiscal policy reforms.
“To stimulate our productive capacity and create more jobs and prosperity, the Federal Executive Council approved the Economic Stabilization Bill, which will now be forwarded to the National Assembly.
“This transformative bill will make our business environment friendlier, stimulate investment and reduce the tax burden for businesses and workers once it is passed into law,” he added.
By Babajide Okeowo
The post Tinubu says CBN’s disciplined approach to monetary policy is responsible for Forex market stability appeared first on Latest Nigerian News | Top News from Ripples Nigeria.
