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BREAKING: Nigeria may slide to another recession – CBN

CBN Governor, Godwin Emefiele
CBN Governor, Godwin Emefiele

The Governor of Central Bank of Nigeria, CBN, Godwin Emefiele, has expressed fears that Nigeria may slide into another recession if measures are not taken to tackle the high rate of unemployment and other economic crisis.

Emefiele said this today at the University of Benin, while delivering a lecture titled “Beyond the Global Financial Crisis: Monetary Policy Under Global Uncertainty”.

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According to him, Monetary and Fiscal Policy Authority must rise up to the challenge to begin to think of what can be done to tackle the situation.

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The CBN governor said: “From some of my concluding remarks, you may have observed whether you like it or not, there is global uncertainty that will unfortunately most certainly, lead to another crisis.

“The question could be, how are we, as Nigerians, particularly our leaders, I am talking of Monetary and Fiscal Policy Authority, how are we preparing our country for the next set of crisis?”

He said “we have luckily exited recession. We have seen inflation pending downward to about 18.72 percent in 2017 to about 11. 37 percent today. We see reserve moving up, exchange rate stabilizing but unfortunately, we still have issue and those issues bother on unemployment rate.”

He assured that CBN will continue to take proactive approach in mitigating the likely adverse effects that may emanate from external headwinds.

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