CBN raises concern over declining growth


The Central Bank of Nigeria, CBN, has raised concerns over the continued slow down of the country’s economic growth.
The central bank on Wednesday also said the banking system had enough liquidity to take up what foreign investors might sell after JP Morgan removed Nigeria from its bond index.
The CBN plans to retain foreign currency controls because of concerns about slowing growth, a senior bank official said on Wednesday.
Growth was 2.35 percent in the second quarter year on year, compared with 6.54 in the same quarter of 2014.
“We are concerned that we are having declining growth,” Moses Tule, the Central Bank’s monetary policy director, told reporters.
He defended the bank’s decision to impose currency controls to preserve foreign reserves, which fell 23 per cent in the year to Sept. 23, central bank data showed.






For the full story, check the Vanguard newspaper.

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