Slow budget implementation, naira at 245/$1-7 lessons from the CBN MPC meeting – The Cable

The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) concluded its policy decision meeting on Tuesday, opting to raise key interest rates and keep other indices steady.

Much more than the key decisions reached by the committee, here are seven other lessons we learnt from the CBN:

BUDGET IMPLEMENTATION HAS BEEN SLOW

In his press briefing immediately after the meeting, Godwin Emefiele, governor of CBN, said “the implementation of the 2016 budget in the second quarter remained slower than expected in the second quarter”.

He added that the committee noted that most of the conditions undermining domestic output growth were outside the direct purview of monetary policy.

CBN BELIEVES DOWNSTREAM PETROLEUM SECTOR HAS BEEN DEREGULATED

Reflecting the view of the MPC and the CBN, Emefiele said the committee “hopes that the deregulation in the downstream petroleum sector and the liberalization of the foreign exchange market would help bring about the much needed relief to the economy”.

The question is: is the downstream petroleum sector deregulated or merely liberalised?

Read More at https://www.thecable.ng/slow-budget-implementation-naira-at-2451-7-lessons-from-the-cbn-mpc-meeting