CBN MOVES TO STRENGTHEN MONETARY AND FISCAL POLICIES
Tectono Business Review has gathered that the Central Bank of Nigeria has begun moves to strengthen the level of coordination between monetary and fiscal policy instruments, following the challenges currently facing the economy. This, according to the apex bank, will help to achieve the broad objectives of macroeconomic growth in the country.

This development was made known by the Deputy Governor, Economic Policy, CBN, Dr Sarah Alade. While speaking at the opening session of the Fiscal Liquidity Assessment Committee retreat in Abuja, she said that there was the need to strengthen the effectiveness of monetary and fiscal policies in the country.

Speaking on the theme, ‘Can monetary or fiscal policy alone achieve macroeconomic stability and growth?,’ Dr. Alade said the recent emerging challenges facing the country had made it imperative for the monetary and fiscal authorities to better coordinate their activities. She listed some the challenges as low fiscal buffers, expansionary fiscal policy, high volume of maturing instruments, impact of external shocks, dwindling foreign exchange earnings, declining reserves, weak oil market and high unemployment.

These challenges, she noted, had all redefined the boundaries of macroeconomic management thus necessitating the need for redressing mutual suspicion and hostility experienced globally between the two macroeconomic management institutions.

She said, “At the moment, the economy faces significant downside risks of reversal in capital flows, reserve depletion, depreciation of naira, financial market instability and higher inflation and we cannot afford not to understand ourselves and work together. In the next couple of months, political activities would be at the peak and anticipated level of injection would require enormous effort to manage domestic excess liquidity to reduce inflationary pressure Against this background, FLAC members at this workshop are enjoined to appreciate the importance of their individual and collective roles in confronting the enormous challenges that lie ahead. It is my hope that this year’s retreat will offer participants the opportunity to evaluate the recent challenges confronting monetary and fiscal policies and to build the trust required in sharing information, which will be key to strategising for the growth and stability of our economy in the days ahead.”

Also speaking at the event, the Director, Monetary Policy Department, CBN, Mr. Moses Tule, said there was a need to sustain macroeconomic stability through effective and efficient domestic policies. Current development had provided the committee with a strong motivation for strengthening coordination between monetary and fiscal policies.

The theme of the conference, he noted, was structured to elicit discussions that were invaluable in developing monetary and fiscal policies that would consistently address macroeconomic stability.
From: http://tectono..com/

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The monetary and fiscal policies cannot be over emphasized in the management of the economy. This study is of great importance to the society. So it will be deliberating on their need for a stable economy.

bravoprojecthelp.com has one of the best researched project material in all areas of academic discipline.click link bellow to view full work

MONETARY AND FISCAL POLICIES TOOLS FOR ECONOMIC STABILITY IN CENTRAL BANK

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