GSPA Deal: $9bn Judgment’ll have impact on monetary policy –CBN

The Central Bank of Nigeria (CBN), yesterday, disclosed that the $9 billion British Court Judgment in a Gas Sales Purchase Agreement (GSPA) deal involving Nigeria and Process and Industrial Development (P&ID) would have impact on monetary policy

This was even as the apex Bank assured that it will move strongly to defend the country’s reserves as the judgment would have some impact on monetary policy.

the development would not put pressure of the nation’s reserves.

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“It is important for me to use this opportunity to assure our friends, local and foreign investors who called to expressed solidarity with us, not to express concern but to say that there is no need for anybody to worry. We know that the implication of that judgment has some impact on monetary policy and that is why the CBN is going to step forward and very strongly too to ensure that we defend the country and defend the reserves of the Federal Republic of Nigeria.”

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CBN Governor, Mr. Godwin Emefiele, stated this on Monday, while fielding questions from journalists before the commencement of the presidential retreat for ministers-designate at the State House Conference Centre.

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