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Market Digest Nigeria

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Senate is pleased with CBN Policy Direction

The Senate has expressed satisfaction with the policy direction of the Central Bank of Nigeria (CBN) especially as regards getting Nigeria out of recession.

Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Mr Rafiu Ibrahim, while addressing reporters on Tuesday, said so far, the apex bank has shown it was capable of restoring the fortunes of the country, which is presently finding its way out of economic crisis.

Mr Ibrahim, after a meeting of the Senate with the CBN Governor, Mr Godwin Emefiele, said the upper legislative chamber of the National Assembly will continue to support the CBN in order to attract more foreign direct investment into the country.

Mr Emefiele held a closed-door meeting with the Senate yesterday to brief its leadership on foreign exchange, fiscal and monetary policies all aimed at getting the country out of recession.

Addressing journalists after the meeting, Senator Ibrahim stated that the CBN Governor explained its policies and from his explanation, there is light at the end of the tunnel.

“As usual, the leadership of the Senate is always engaging the most important sectors of our economy.

“So, we had discussion with the Senate President and the Governor of CBN, and we were briefed just as he has given you the overview of the meeting. That is what we are doing now.

“We will proffer more solutions which will result in more policy direction very soon because the major import of this kind of meeting is to attract foreign direct investment. So that the economy will be intact and intervention will be sustainable,” he told newsmen.

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