The
Central Bank of Nigeria yesterday, announced a stiff monetary policy for the
2014 fiscal year. This is part of measures to check the excessive pressure on the
economy, due to the 2015 general elections.
At the Monetary Policy Committee meeting
in Abuja yesterday, CBN Governor, Lamido Sanusi, said the committee formally
adopted an inflation target of 6-9percent in 2014.
It considered the medium term risk to inflation,
domestic output and financial stability, based on monetary credit, financial market
and external sector development.
The Committee The MPC noted the
continued decline in oil revenues and that excess crude fell from 11.5billion dollars
in 2012 to less than 5billion dollars by November 14, while external reserves remained
in excess of 45billion dollars.
It reaffirmed its commitment to moving Nigerian firmly
into low inflation environment in the Medium term
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