But markets have never been more integrated than they are today. Trade integration is ever more facilitated by technological progress, making the transportation of goods easier and faster; and by the fact that, in a digital age, a rising share of services in global output makes the distance on the ground between producers and consumers less of an obstacle to transactions.
Ladies and Gentlemen; on the monetary policy front, the CBK has observed that despite signalling efforts by the Monetary Policy Committee to bring down the rates of interest by lowering the Central Bank Rate (CBR), banks have not responded accordingly.