Alade assures stakeholders of system, currency stability

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Abuja – The Acting Central Bank Governor, Dr Sarah Alade, has assured stakeholders that the recent changes in the apex bank will not affect Nigeria’s monetary policies.

Alade made this known when she briefed newsmen in Abuja on Friday.

President Goodluck Jonathan had on Thursday suspended the apex bank governor, Malam Sanusi Lamido sanusi, and directed Alade who was a deputy governor, to oversee the affairs of the bank.

N5,000 NOTE: Mallam Sanusi Lamido Sanusi, Governor, Central Bank of Nigeria, CBN (right) and CBN Deputy Governor, Serah Alade, at a briefing on the introduction of N5,000 note, with image of three Nigerian women, to be introduced in 2013, in Abuja. PHOTO: Gbemiga Olamikan.

N5,000 NOTE: Mallam Sanusi Lamido Sanusi, former, Central Bank of Nigeria, CBN (right) and the Acting CBN Governor, Serah Alade File photo by  Gbemiga Olamikan.

Alade assured that the bank would continue to intervene in the interbank foreign exchange market to ensure stability of exchange rate of naira and preserve the value of the domestic currency.

“I wish to use this opportunity to reassure all our stakeholders, including the international community, that the recent changes at the CBN will not in any way affect the country’s monetary policy direction.

“It will not also affect the pursuit of the bank’s primary mandate of maintaining price and financial system stability,’’ she said.

Alade said the Nigerian economy had remained strong, sound and resilient over time, adding that available statistics from the National Bureau of Statistics indicated that inflation rate was 8 per cent in January.

“It is important to draw attention to the fact that inflation rate has remained within single digit in the last 13 months.

“Similarly, the domestic economy remained robust with a growth rate of 6.87 per cent in 2013, while the exchange rate has also remained generally stable,’’ she added.

Alade pledged that the bank under her watch would be committed to sustaining the achievements already attained through the use of appropriate monetary policy tools to ensure price and financial system stability.

The acting CBN governor added that the bank had the capacity to meet the demands of all foreign exchange users, adding that it had no plan to devalue the naira.

“It is important to note that the bank in its 55 years of existence has continuously focused on its core mandate and remains committed to achieving monetary and price stability.

“It will also ensure the promotion of sound financial system as well as defend the international value of our local currency,’’ Alade said

According to her, the bank’s policies and operations will continue to be firmly anchored on the realisation of its principal objectives in line with the provision of the CBN Act 2007.

Alade said that the bank would continue to carry out its responsibilities by responding appropriately to emerging challenges. (NAN)

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