No Conflict Between CBN, Finance Ministry—Adeosun
By Modupe Gbadeyanka
Minister of Finance, Mrs Kemi Adeosun, has refuted claims in some quarters that her Ministry and the Central Bank of Nigeria (CBN) were not working together for the growth of the Nigerian economy, which is presently battling with recession.
This insinuation was fuelled last month when the CBN failed to lower the interest rates as advocated by Mrs Adeosun.
While the Minister argued that a reduction in the interest rates would help in revamping the economy and boost domestic borrowing by the government, the CBN Governor, Mr Godwin Emefiele, disagreed.
At the end of the Monetary Policy Committee (MPC) of the CBN, Mr Emefiele announced that the benchmark Monetary Policy Rate would remain at 14 percent, while the Cash Reserve Ratio and Liquidity Ratio would stay at 22.50 percent and 30 percent respectively.
But responding to a question at the weekend in the US from reporters, Mrs Adeosun said her Ministry and the CBN were always working for the greater benefit of the economy.
“The Ministry of Finance and CBN are not working in conflict. We do meet regularly on issues affecting the economy.
It is wrong for people to insinuate that both agencies were not working together for the growth of the Nigerian economy,” she said.