CBN Governo promises Robust Economy, stable currency in 2016

Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefeile says the apex bank is evolving additional measures to boost the nation’s economy and stabilise the naira.
Emefeile made the remark at an Interactive Session with Media Editors in Abuja.
He declined to give details of the measures and modalities for their implementation
“Don’t ask me because I will not disclose our strategy for now’’, adding that doing so would be counter-productive and pre-emptive.
The CBN boss explained that the Nigerian economy was not as bad as being portrayed when compared with other economies in Africa.
He advised importers to restrict their imports to raw materials and equipment rather than finished products and food in order to reduce the pressure on the nation’s scarce foreign exchange.
‘’CBN will soon start a nationwide campaign to sensitise Nigerians to items excluded from importation.
‘’This is part of efforts to save more foreign exchange and stabilise the nation’s currency.
‘’The solution to free fall of the naira is by controlling the demand for foreign currencies such as the dollar.
‘’If we are able to reduce importation, the demand for the dollar will fall automatically.’’
Emefiele said the country should go back to the farm to produce what was needed.
“Public servants should also engage in farming because the only business public servants are allowed to engage in is farming.
‘’And you don’t need power to farm tomato, vegetables or fish’’, Emefeile said.
He blamed unscrupulous businessmen who engaged in illicit activities for exerting intense pressure on the dollar and other currencies.
According to him, the apex bank has ensured reasonable stability in the value of the naira by keeping official exchange to the dollar between N196 and N197 to the dollar.
Emefeile advised Nigerians to always approach their banks for their request for foreign exchange at the official rate as against patronising the black market operators.
‘’CBN does not have plenty dollars to sustain the bureau de change’’, he stressed.
The CBN boss, however, insisted that the 22 per cent depreciation of the naira was reasonable when compared with other emerging economies adversely affected by global economic recession.