June 13, 2017

We ‘re targeting 11% inflation end 2017 – CBN Gov

inflation rate rise


…increase agric financing

By Emma Ujah, Abuja Bureau Chief
The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has said that the bank was targeting an inflation rate of between 10-11 per at the end of this year.

He spoke, in Abuja, Tuseady at a meeting with the Senate Committee on Banking on the high interest rates in the Nigerian banking industry.

According to the governor, although the inflation rate has been trending downwards, it remained very high at the current 17. 24 per cent.

He disclosed that the Deposit Money Banks have contributed N27 billion to the pool of funds they decided to set aside for exports business.

Nigerian Banks had in February agreed to dedicate five percent of their annual profit-less tax balances as equity capital for export driven businesses as well as those which commit to helping government’s import substitution drive.

Mr. Emefiele said that the apex bank was ready to increase its financing of agribusiness especially in the production and processing of tomato, dairy and poultry.

The governor said the CBN was also working out an arrangement the banks on how to focus more on lending to the SMEs sub-sector of the economy.