The Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, on Saturday said the apex bank took the best monetary policy option in addressing the current economic challenges facing the country.

He also said that except Nigerians embrace fully the concept of diversification, the country would not be able to generate enough foreign exchange to cushion the effect of the drop in the value of the naira.

He further said the inability of the country to increase its stock of foreign exchange, owing to the drop in global oil prices, was the major reason for the persistent decline in the value of the naira against the dollar.

Emefiele, while speaking during an interview on the sidelines of a career conference in Abuja, said the Monetary Policy Committee of the CBN could not have taken a better decision in view of the current challenges facing the country.

The event, put together by The Everlasting Arms Parish of the Redeemed Christian Church of God, had as its theme,” Your life, your future — not a laughing matter.”

The CBN governor who was responding to a question from journalists on the criticism of the CBN policy by eminent Nigerians, including the Governor of Kaduna State, Nasir el-Rufai, said it would be difficult for the apex bank to achieve price stability without the current monetary policy stance.

el-Rufai had on Wednesday faulted the decision of the Central Bank of Nigeria to increase the Monetary Policy Rate from 12 per cent to 14 per cent.

He had said, “We have a Central Bank that has an MPR at 14 per cent and banks lending at 20 per cent. I have said it before and I will repeat it again, unless the Central Bank and the banking system make a conscious decision to bring the interest rate down, one day it would be legislated.”

Represented at the event by the Deputy Governor, Economic Policy, Mrs. Sarah Alade, the CBN governor said once the objective of price stability was achieved, the economy would begin to experience growth.

He said, “At this moment, what we are doing is what is best for the economy. The concern even among the youth is the slide in the value of the naira and I told them that we also need to diversify the economy so that we could have more exports; we are also supporting the efforts of the government on this. Once we are able to achieve this, we would have the kind of interest rate that we want.

“But at this particular time, to be able to get through the situation, we would have to take the decisions. And the Monetary Policy Committee considers all these factors before we take decisions.”

Earlier, the governor admonished the youth on the importance of hard work, dedication to excellence and perseverance in achieving one’s goal.

He said by imbibing these qualities, coupled with the requisite skills, they would be able to become great leaders in any area of their endeavours.
http://punchng.com/took-best-economic-decision-says-emefiele/

You and the dulllard will soon be made to walk the plank

Someone should tell this man to shatap!

This man should be crucified u knw

fiizznation:
Shut up there you this incompetent man. Your silly policies have been back firing from day one. I still wonder why the President hasn't relieved you of your duty.

My friend shut up!!! The same Emefiele performed under NOI and GEJ,Can you guess what changed?

In the land of the blind when the blind lead the blind, they all end up in a pit

fiizznation:
Shut up there you this incompetent man. Your silly policies have been back firing from day one. I still wonder why the President hasn't relieved you of your duty.

mr man, shut up there. This guy also worked under jonathan nd with NOI, why didn't u realise he was incompetent then.
Abeg, go nd sit down for one corner jare.

spass101:
In the land of the blind when the blind lead the blind, they all end up in a pit

so u mean that u are a blind man.

Confused government making confused policies, you want to diversify the economy from oil by spending billions of naira exploring for oil in the north and you want Nigerians to believe and support your lies. Why not use that money and subsidize fertilizers for farmers or give farmers loan to access so as to boast agricultural inputs into the economy? Until this government know that Nigerians are suffering they'll keep selling the gullible followers lies

Oche211:

so u mean that u are a blind man.

lukuluku I dey see u like say I carry telescope.

I just feel like we're been lead by blind men that don't know where we're headed or just dumb that they can not tell us where we are going

Expect free fall of naira

mesoprogress:
Expect free fall of naira

lol

989900:


How? By leaving the cookie jar open?

Or by devaluing the Naira at will, with oil @ $65/barrel then?

He has probably put in more work
(trying to save the Naira by a tough balancing act in the past 12 months), than he has ever in his banking career.

My grouse with him is, he and his crew seems to be only good at reactionary policies, rather than proactive policies, while still trying to shield their benefactors.

As regards his relationship with Buhari, he should resign if he thinks 'his good name' is at stake . . . LoL.

Yeah! Ignorant Nigerian people. Screaming and shouting "policy" "policy" "economic team" blah blah blah!!! Idiots, we do not produce ANYTHING. Even common rice (basic food) to eat and give our children we do not produce. We have NOTHING to export!!! Nothing!!! We cannot even process the OIL we found under our soil.

If you like assemble all the PHDs in the world, that will not transform to dollar and national wealth. We have to stop consuming the things we cannot produce.

ibedun:


Yeah! Ignorant Nigerian people. Screaming and shouting "policy" "policy" "economic team" blah blah blah!!! Idiots, we do not produce ANYTHING. Even common rice (basic food) to eat and give our children we do not produce. We have NOTHING to export!!! Nothing!!! We cannot even process the OIL we found under our soil.

If you like assemble all the PHDs in the world, that will not transform to dollar and national wealth. We have to stop consuming the things we cannot produce.

What of "things" like Vaccines, agric machineries, Medical equipments, automobiles, etc?

We produce almost nothing of our basic and essential needs apart from food & shelter... I don't see any improvement in the lot of this country till we stop being "majorly" import dependent, high oil price was the band aid covering the festering & stinking sore, now fowl don blow, wind yansh dey outside yakata.

180m+ people + import dependence is sure disaster,

fiizznation:
He worked under Jonathan and so what? What special magic did he performed under Jonathan? Was the economy fairing any better in 2014/2015? For crying out this man wasn't even the person that was supposed to succeed his predecessor, but because of some silly recommendation by someone who knows 'another someone', this incompetent man was made the CBN governor. Tell me any of his dumb policy that materialize at the end of day.

If this man were to be a northerner, I know many of you would have been attacking him by now. Calling him all sorts of names. But you don't want anybody to talk about this man's incompetency because he is your 'brother'. Guess what lad, I will continue to call this incompetent dushbag out for what he is. The president is not an economics or an accountant and that's why he has a economic team. This CBN governor that is also part of his economic team is simply a disastrous disaster

I completely agree with you.

He is the worst CBN governor we've had in the last decade.

It's a pity that the post of CBN governor involves the House of Parliament. If buhari removes him using executive powers, the people from the east will tag him all sort of name.

All that man is doing is just "trial and error" with nigeria's economy. I really wish he can be replaced. He's nothing but a complete disaster and another of GEJ's shameful legacies.