CBN Emphasizes Importance of Aligning Fiscal and Monetary Policies
Oru Leonard
The Central Bank of Nigeria (CBN), has stressed the need for aligning fiscal and monetary policies to strengthen the financial system, enhance effective regulation, and ensure financial system stability and economic resilience.
Speaking at the 37th edition of the annual Seminar for Finance Correspondents and Business Editors, CBN Deputy Governor Ms. Emem Usoro highlighted the importance of technological innovation and digital finance in expanding financial inclusion.
“The seminar provides an opportunity for discussions and recommendations to enhance understanding of ongoing government reforms to achieve positive outcomes for Nigerians,” Usoro said, represented by Acting Director of Corporate Communications Department, Mrs Hakama Sidi-Ali.
The CBN has implemented various reforms, including orthodox monetary policies, strengthened corporate governance, and the ongoing bank recapitalisation programme, which have helped restore stability and improve key macroeconomic indicators.
The reforms has resulted to achievements which include:
– Inflation declined to 16.05%
– Exchange rate stabilised below ₦1,500 per dollar
– External reserves increased to over $46 billion
– Monetary policy adjustments supporting lower lending rates
Professor Ken Ife, a development economist, in his presentation emphasized the need for policy alignment between fiscal and monetary authorities to remove conflicting signals and restore confidence in the financial system.
Going forward, Professor Ife recommended the following steps
– Strengthen regulatory oversight
– Enforce capital adequacy ratios
– Implement ongoing bank capitalisation programme
– Intensify oversight on cybersecurity resilience and anti-money laundering protocols
The CBN is committed to working with the media to promote transparency, accountability, and policy discipline, leading to improved economic outcomes Hakama reiterates.
