By Aliyu DANLADI
The Bankers’ Committee on Thursday attributed the 2018 positive economic outlook to stability in exchange rate.
The Director of Banking Supervision, Central Bank of Nigeria (CBN), Mr. Ahmad Abdullahi, told the newsmen after a Bankers’ Committee meeting in Lagos.
Abdullahi said stability in the exchange rate had been sustained while Gross Domestic Product (GDP) growth was higher than 2017 record.
He said, although there were capital reversals in the nation’s capital market, the capital outflow in the economy was far less, compared to many emerging economies.
According to him, it is a sign that there is high confidence in the Nigerian economy. “We are happy with the developments in the economy generally,” he said.
Also, the Managing Director of Guaranty Trust Bank, Mr. Segun Agbaje, said the macroeconomic indicators were stable and positive. Agbaje said the stability had created other opportunities but wondered how the economy could be more stimulated.
He said: “One of the things we always hear as bankers is that the macros are stable but how do we now stimulate the economy. I think the MPC meeting and the Bankers Committee is committed to this.”
Agbaje said there was a commercial paper or bonds that would be issued with its guidelines coming out very soon.
“The aim is in two folds: to stimulate certain sectors which would start with agriculture and manufacturing and allow people to do capital expenditure (CAPEX) which is more of a long term. It would give people single digit interest rate loans where bonds could go as far as 10 years,” he said.
