Apex Bank’s Committee Seeks Improvement In Fiscal Management

Channels Television  
Updated June 3, 2015

Central_bank_nigeriaThe Monetary Policy Committee of the Central Bank of Nigeria is suggesting an improvement in fiscal management and its harmonisation with monetary policies.

The committee gave the suggestion at a meeting held on May 18 and 19.

At the end of the meeting, the 12-member Monetary Policy Committee (MPC) stressed the positive impact of the conduct of the general elections on the financial markets and the political risk premium placed on investments.

The price of crude oil in the international market was also considered and none of the MPC members saw a further recovery in the international oil price in the months ahead.

They expressed fears that the recent oil price gains was vulnerable.

The Monetary Policy Committee members were unanimous in praising the stability of the Naira exchange rate since the scrapping of the Central Bank of Nigeria’s periodic currency auctions.

There was no discussion on the next movement on benchmark and other rates despite a sign that the conventional monetary policy is close to running-out.