BY ALLTIMEPOST.COM
Emerging market economies like Nigeria witnessed considerable outflow of funds from the stock exchange during the 2008-2009 global financial crisis, as foreign investors divested their assets, leading to a corresponding depreciation of the Naira from N117 to N135 per dollar.
The Governor of Central Bank of Nigeria, Mr. Godwin Emefiele gave the explanation in a lecture titled: Beyond the Global Financial Crisis: Monetary Policy under Global Uncertainty at the 3rd Eminent Persons’ Lecture Series, held at the University of Benin, Ugbowo, Benin City, Edo State today.
According to him, the CBN had to deploy both conventional and unconventional tools to support the continued growth of the country’s economy as a simple focus on the monetary policy rate wouldn’t have been sufficient to get the Nigeria economy out of recession.
He said the CBN was encouraging improved growth in the agricultural and manufacturing sectors given their potential to grow the economy, listing other measures being deployed by CBN to stimulate economic growth to include conserving foreign exchange, risk-based supervision, growth enhancement fiscal policy and development finance intervention, among others.
University of Benin Vice Chancellor, Prof. Faraday Orumwense, in his remarks, said the Eminent Persons’ Lecture Series was organised to enable staff and students of the institution learn from prominent personalities from all spheres of life.
