Last updateVen, 30 Jan 2015 11am

Central Bank of Nigeria: Acting Central Bank Gov. assumes duty

The new acting Governor of the Central Bank of Nigeria (CBN), Dr. Sarah Alade, Friday assumed duty with an assurance to the International Community that the recent changes in the leadership of the institution will not affects its goal of maintaining financial and monetary stability in the country.

“Following the directive by the President, that I should take charge of the affairs of the Central Bank of Nigeria, as the Acting Governor, I wish to use this opportunity to reassure all our stakeholders, including the international community, that the recent changes will not in any way affect the monetary policy direction and pursuit of the Bank’s primary mandate of maintaining price and financial system stability,' Dr. Alade said in the bank's website.

She noted that the economy had remained strong, sound and resilient over time.

Quoting data from the National Bureau of Statistics, she said inflation rate was 8% as at January 2014, stressing that it remained within a single digit in the last 13 months.

“Similarly, the domestic economy remained robust with a growth rate of 6.87 per cent in 2013. The exchange rate has also remained generally stable and the Bank is committed to sustaining these achievements through the use of appropriate monetary policy tools to ensure price and financial system stability,' she added.

The apex bank acting chief said the CBN will continue to intervene in the interbank foreign exchange market to ensure the stability of the exchange rate of the naira and preserve the value of the domestic currency.

She said the Bank had no immediate plan to devalue the national currency, stressing that its ability to intervene in the foreign exchange market is not in doubt, to ensure stability.

“It is important to note that the Bank, in its 55 years of existence, has continuously focused on its core mandate and remains committed to achieving monetary and price stability, promoting sound financial system and defending the international value of our local currency,' Alade explained.

President Goodluck Jonathan on Thursday suspended the CBN Governor, Malam Sanusi Lamido Sanusi, on the allegation of financial recklessness and misconduct -- acts described as inconsistent with the vision of the Jonathan administration.

In the meantime, the President has nominated the Chief Executive Officer of Zenith Bank, Mr. Godwin Emefiele, for Senate confirmation as the new CBN governor.

Pana 22/02/2014