CBN Defends Tightened Measures on Foreign Exchange Policy

The Central Bank of Nigeria has stated that it will not be discouraged by the condemnations and attacks it has received over some of its tightened monetary policy moves.

According to the governor of the bank, Mr Godwin Emefiele, the policies are aimed at addressing the fundamental challenges of the economy.

He spoke at the 40th anniversary and convocation lecture of the University of Maiduguri.

Represented by his deputy, Malam Suleiman Barau, the governor believed that “these actions are broadly required to set our economy on the path of development in the medium to long-term.”

“The Nigerian economy must flourish! We must employ every indispensable means — conventional or otherwise to achieve our purpose. It is apparent that we as a people cannot continue to depend on other countries for things that can easily be produced locally.”

Emefiele said with the drop in oil prices, Nigeria has seen a US$1.36 billion fall in the monthly average inflow of Forex.

“While dollar inflows have reduced considerably, demand has not following the sustained activities of speculators and rent-seekers which continue to intensify exchange market pressure.

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