We’re targeting 11% inflation end 2017 – CBN Gov

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has said that the bank was targeting an inflation rate of between 10-11 per cent at the end of this year. He spoke at a meeting with the Senate Committee on Banking on the high interest rates in the Nigerian banking industry. According to the governor, although the inflation rate has been trending downwards, it remained very high. He disclosed that the Deposit Money Banks have contributed N27 billion to the pool of funds they decided to set aside for exports business. Nigerian Banks had in February agreed to dedicate five percent of their annual profit-less tax balances as equity capital for export driven businesses as well as those which commit to helping government’s import substitution drive.