CBN Governor, Sanusi Targets Economic Growth, Others in 2014

With a few weeks to the end of 2013, Governor Sanusi Lamido Sanusi of the Central Bank of Nigeria (CBN) has listed the bank’s priorities for 2014 to include price stability, financial stability, financial inclusion and economic growth.

Central Bank of Nigeria
Central Bank of Nigeria

According to local media reports Thursday, Mr. Sanusi announced the priorities at the close of the Bankers Committee’s 5th annual retreat in Calabar, Southern Nigeria.

The Committee, which the CBN boss chairs, is the largest gathering of all the Chief Executive Officers of commercial banks in the country.

“Modernisation of the financial services industry infrastructure and payment system is critical to reducing the cost of services to the banking public. We will continue to explore and develop areas of collaboration in shared services and infrastructure to reduce the operating cost structure of the industry,” the CBN Governor was quoted as saying.

He enumerated the achievements recorded in the banking sector to include economic stability with inflation down from over 13% in 2009 to below 7.8% as at October 2013.

Mr Sanusi said the single-digit inflation would be sustained through the foreseeable future.

On exchange rate stability, the Governor said that while the currencies of most emerging markets lost appreciable value, the Nigerian Naira lost only 2.3% during the period.

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