President Muhammadu Buhari has told African Central Bank Governors that monetary policy alone could not expand Nigerian economy.
Newsmen report that the President said the Nigerian economy required new fiscal and structural policies for it surmount its worst economic challenge in decades.
Nigeria’s Central Bank raised interest rates last month, and has been soaking up liquidity in order to support the naira, which has lost around 40 percent of its value since it was floated in June.
Buhari said the continent was confronted with slowing growth, weakening demand, rising inflation, restrictions to capital flows, rising debt levels, increases in exchange rate volatility and a depletion of foreign reserves.
The Central Bank Governors were meeting to discuss ways to safeguard their economies from the expected unwinding of loose monetary policies in the leading developed economies.