Macroeconomic Stability: To achieve the growth aspirations, the first requirement is a stable macroeconomic environment with low inflation, stable (market reflective) exchange rates and sustainable fiscal and external balances. This requires that monetary, trade and fiscal policies are well aligned to ensure coherence and effective coordination. The Federal Government, through the CBN, will continue to work towards improving the operations of the foreign exchange market to enhance its liquidity. Non-oil revenue will be accelerated through improved tax and Customs administration, including introduction of tax on luxury items. This would ensure a more diversified fiscal revenue base away from the current dependence on crude oil and gas. Fiscal consolidation will also be pursued through cost cutting measures that include rationalization of overheads and recurrent expenditures and sub-national fiscal coordination. Selected public enterprises/assets will be privatized to optimize their efficiency and reduce fiscal burden on the government.
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Prof AlukoMany a time we all tend to concatenate unrelated issues thereby making the simple complex.The CBN is not just responsible for our monetary policies like the Bank of England but is also the regulator of our financial institutions like the U.K.'s FCA1. It is the job of the regulator to ensure that activities in the financial sector are done TRANSPARENTLY.This is a job the CBN ought to do regardless of the monetary policy it pursues.So when you and Ojowu talk of 'manipulated market' I don't see what that has to do with monetary policy. In the UK today it is the FCA that regulates against any form of 'market manipulation ' by any of the numerous players in the financial services sector. And the FCA is a distinct body from the Bank of England1. The CBN , in its role as financial services regulator, has a duty to ensure transparency in all the activities of all operators in our financial services sector.It cannot , and must not , use a failure in carrying out its regulatory remit to hoist on us a wrong headed monetary policy2. BTW are you now saying that once CBN as bank regulator ensures transparency ( or weeds out 'market manipulation ') in the sector you are happy with a monetary policy that is market determined?That will be a huge step forward. I am sure that the guys at CBN--if they so wish--can chew gum and walk at the same time!JoeSent from my iPhone
Joe Attueyi:Prof. Ojowu's point - which too has always been my point - is that a manipulated market is not the "market" that your orthodox economics of supply and demand contemplates. Putting your finger on the scale, and then selling me a "pound" of meat at one-and-a-half-times its true price is NOT the price of of a pound of meat.One does not need to go to school even to be aware of the Laws of Supply and Demand.Bolaji Aluko
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