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CBN establishes new compliance dept; as NESG projects 5.5% GDP growth

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CBN establishes new compliance dept; as NESG projects 5.5% GDP growth

Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN) has announced the establishment of a new Compliance Department in the apex bank, which he said will become operational by the end of February.

Cardoso disclosed this on Thursday during his keynote address at the launch of the 2025 macroeconomic outlook by the Nigerian Economic Summit Group.

“The CBN has taken the transformative step of setting up a Compliance Department with the objective of addressing past challenges, aligning with global standards, and building a more transparent and resilient financial sector that can drive Nigeria’s economic growth and development. This department will be inward-facing and outward-facing as well. The department will be functional by the end of February, so I advise you to stay tuned,” he said.

Cardoso added that the launch of a foreign exchange code would provide clear directives on the expectations of market participants, ensuring that the market operates fairly and transparently.

“We will also prioritise exchange rate stability to foster a more competitive business environment, encourage the inflow of foreign investment, and, in addition, support fiscal operations in critical sectors of the economy. The CBN will continue to strengthen financial institutions to enable them to effectively support the real sector,” he stated.

NESG projects 5.5% growth in GDP

Meanwhile, the Nigerian Economic Summit Group at the launch of its 2025 Macroeconomic Outlook, said that the country has the potential to record 5.5 per cent growth in the Gross Domestic Product on the back of sustained reforms.

During his presentation, the Chief Economist and Director of Research & Development, NESG, Dr. Olusegun Omisakin, said, “We believe at the optimal level, if we embark on more efficient policy reforms, the Nigerian economy has the potential, the GDP to end up at 5.5 per cent and we believe that this is achievable.”

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