Business
Economic Challenges, Surmountable – CBN
The Central Bank Gover
nor, Mr Godwin Emefiele, says the current economic challenges facing the country could be easily overcome.
Emefiele said this in Abuja when members of the Senate Committee on Banking and other institutions paid an oversight visit to the apex bank.
One of the economic challenges the CBN boss was referring to is the inflation rate which went from an average of 9.2 per cent in 2015 to 17.85 in September 2016.
It is the highest inflation rate since October 2005, boosted by cost of food, housing and utilities.
Also, the country is in recession, having witnessed negative growth for two consecutive quarters.
There is also the issue of volatile exchange rate and huge margin between the inter-bank rate and parallel market in spite of the introduction of a new foreign exchange policy.
The governor said that with the bank’s targeted interventions, the challenges facing the country would soon be over.
“We seek your support for the success of the activities of the CBN, especially at this difficult time in our country.
“I would like to place on record, the support that the CBN has received from the entire Senate in the course of carrying out our activities as regulators of the banking sector.
“I must confess that yes, it is difficult, but I must say that the challenges are easily surmountable.
“ We will, however, continue to crave the support of the Senate and the banking committee so that we can work together to achieve the common objective of making Nigeria habitable for Nigerians,’’ he said.
Meanwhile, the Chairman, Senate Committee on Banking and other financial institutions, Mr Rafiyu Ibrahim, said the entire members of the committee were at the CBN to get answers on the state of the economy.
“So we are here to listen to you and ask questions as lay men. We are most interested in getting answers on the implementation of the budget.
“We are interested in hearing from you in the areas of monetary policies. Most Nigerians believe that the monetary policies have contributed in plunging the country into recession.
“We will be interested in a breakdown of the various intervention programmes of the CBN. On this one, I believe there will be a need for CBN to send us all supporting documents.
“Also we want to know of all the loans the CBN has given out and how impactful it has been on the economy; the various bailout loans to states and repayment progress reports,’’ he said.
On hearing this, the CBN Governor excused newsmen from the interaction before tackling the committee’s questions.
The visit lasted for about five hours and afterwards, Ibrahim addressed newsmen.
Ibrahim said that the committee was satisfied with the explanations of the CBN concerning the economy.
He said that the CBN was working with the Ministry of Finance and other fiscal policy makers to take the country out of recession.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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