In his inaugural address at the Eagle Square, Abuja, President Bola Tinubu declared that his administration will review the monetary policy of the Central Bank of Nigeria (CBN) and ensure a house-cleaning exercise. The president noted that the currency swap policy was too harshly applied, given the number of unbanked Nigerians. Tinubu promised that his administration will treat both currencies as legal tender while the policy is being reviewed.
The president also urged the CBN to work towards a unified exchange rate, which he believes will direct funds away from arbitrage into meaningful investment in the plant, equipment, and jobs that power the real economy. Tinubu added that interest rates need to be reduced to increase investment and consumer purchasing in ways that sustain the economy at a higher level.
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Speaking on the monetary policy, Tinubu stated that his administration will ensure that the policy is reviewed to make it more inclusive and beneficial to all Nigerians. He noted that the policy should not be too harshly applied, given the number of unbanked Nigerians who may not have access to financial institutions. The president promised that his administration will ensure that both currencies are treated as legal tender while the policy is being reviewed.
Tinubu further urged the CBN to work towards a unified exchange rate, which he believes will direct funds away from arbitrage into meaningful investment in the plant, equipment, and jobs that power the real economy. He emphasized that the government needs to create an enabling environment for businesses to thrive, and that reducing interest rates is crucial to increasing investment and consumer purchasing.
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The president also highlighted the need to invest in infrastructure, saying that it is essential for economic growth and development. He promised that his administration will prioritize infrastructure development and ensure that projects are completed on time and within budget.
In conclusion, Tinubu promised that his administration will work towards creating a conducive environment for businesses to thrive. He stated that his government will prioritize the needs of Nigerians and ensure that policies are inclusive and beneficial to all. The president also promised to work closely with the CBN to ensure that the monetary policy is reviewed and made more inclusive for all Nigerians.
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