Emefiele to Peterside: CNB Forex policies not failing

The Governor of the Central Bank of Nigeria, Godwin Emefiele responded to the 11-point raised by the Chairman of Stanbic IBTC Bank, Atedo Peterside that “it is time for the Central Bank of Nigeria to accept that its foreign exchange policy (Forex policies) have failed”.

Emefiele made this known at the 14th Annual Daily Trust Dialogue in Abuja on Thursday shortly after Atedo’s presentation.

He said, the Government did not deliberately set out to encumber her citizens by making backbreaking policies that will put a constraint on the economy to make people suffer.

He added that policies are not made in isolation but they were made because certain things have happened and because there are objectives the Government wish to achieve.

Emefiele said: “In policy making, we are confronted with issues but we cannot shirk our responsibilities as leaders.”

The CBN Boss added that in the midst of the limited resources at the Country’s disposal, the country is faced with low oil prices and heavily depleted reserves and they are doing all they can to manage the limited resources.

He assured Nigerians that the economy will be revived and an end will be put to the suffering of Nigerians.

Emefiele: “Our priority today will be Nigerian masses. Nigerians and no one else.”

He also said that the Government would continue to give emphasis to those who want to import raw materials that we cannot produce in the Country, those who want to import plans and equipment that will help this country and provide direct support to those going into agriculture.

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