CENTRAL Bank of Nige­ria (CBN) Governor, God­win Emefeile said at the weekend that the apex bank is evolving additional mea­sures to boost the economy and stabilise the naira.

Emefeile spoke during an interactive session with some editors in Abuja. He, however, 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 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 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 is 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 and blamed unscrupulous busi­nessmen who engaged in illicit activities for exerting pressure on the dollar and other currencies.

He said the apex bank had ensured reasonable naira stability by keeping official exchange to the dollar be­tween N196 and N197.

“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.

.“Our situation is not as bad as people think.

“When you devalue, there must be structural adjustment. We have never followed up with structural adjustment.

‘’So, the approach we are adopting at the moment is that, having done a 22-per cent adjustment in the cur­rency, let us structurally ad­just our position.

‘’Let us say, look, stop importing rice; stop im­porting toothpick; stop im­porting tomato from South Africa; stop importing 20 million eggs daily from Af­rica.

“We are saying Nigeria can do without these items. And the truth is that the re­serves are no longer there.”

source http://sunnewsonline.com/new/emefiele-promises-stable-naira-in-2016/

lalasticlala, seun,

Let me use this medium to call on all Nigerians let's be steadfast, prayerful and remain optimistic, Nigeria shall be better. GEJ said it all; every nation has its hard times and time of tribulations. He went further to tell us to be prayerful.
This shouldn't be a time for we to antagonize the govt or antagonize ourslves, we should unite ourslvs cos the people united can never be defeated. Even GEJ that was unseated did not antagonize this present administration, then who are we to antagonize?
Pls let's remain united and collectively clean this very economic and social 'mess' in Nigeria.

Aluta continua ...Victoria Ascerta!
Ubi Victoria! ....Ibi concodia!
God bless Nigerians
God Bless Nigeria
#PrayForNigeria

"I will", "I will".





Master propagandists.

“Don’t ask me because I will not disclose our strat­egy for now,’’ adding that doing so would be counter-productive and pre-emptive.

But we're interested in knowing how you intend to achieve this. Our major source of revenue isn't worth so much right now and chances are that it won't get any better next year. As much as I want to believe them but I don't believe they have any strategy.

Why this promise of stability as if Nairalanders are not learned?

Everyone knows that the present state of our economy, coupled with the volatile nature of the currency market would never support such promise.

Diversifying the economy is the way to go so as to discourage dependence on foreign products & this can only be done by investing in the human resources; at least Nigeria is blessed with the population to achieve this economic growth.

As it is, I think these guys are blind to the obvious fact.

So Mr Oga, tell us better lie jare...yeye dey smell!

Let the FG empower the youths of this country with machinery so that we can focus on Agriculture. If not, naira might later fall to #500= 1 dollar if we keep depending only on crude oil.

Okk

[size=13pt]Amennnnnnnnnnnnnnn! [/size]

Amen

Anybody who believe Buhari n Emiefele that Naira will stabilize in 2016 is a bonafide Zombie. .Quote me anywhere
......With all the wrong Economic policies being implemented by Buhari that is causing the Nigerian Economy to shrink in size , ln 2016, Nigerians should expect $1 to be close to the 500 Naira threshold as anticipated by Dangote.

U can call me a wailer if you like ..... 2016 is just around the corner .

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.

Sack this man, what a clown. What about South African Rand does it fluctuate the way Naira fluctuates. I swear i prefer Lia Mohammed to this CBN Governor because in Lia's case you know his lying and in this man case you just know his "clueless".


Has any of his policies since he became CBN governor ever worked!!!


#Team_Sack_CBN_Governor.

...If by 2016 nothing happens and this thread is brought back hope they won't say we are Wailers! No be we tell am to talk this o...

Just do whatever you can to make the dollar equal to naira, shikina!

This makes no sense..




Do you need to get anything from Jumia NG? Just click on my signature!

They always think that we are so gullible and ignorant.

Good days ahead. God bless Nigeria. Sai Buhari all the way!

If any politician or government official in Nigeria tells me its not raining out side.

I will advice any wise Nigerian to go and buy an umbrella for your self.

if you can afford a boat self like Noah just build or buy one just in case of flood.

Cos I don't trust any word form aso rock or abuja anymore.

->Emefiele is beginning to sound r(e)tarded; you want us to only import raw materials rather than finished goods but the FG is yet to set up a single industry or give a suitable environment to the few ones owned by individuals and private firms.
->No industry will thrive in a place where power and alternative source of fuel is always scarce. The FG should give an enabling environment before banning imports; the truth is Nigeria at the moment is not calpable of producing goods that will feed the whole country.

Guy resign abeg

Letshope

This man doesn't know the job. He is a YES man

Amen

ok

Seriously I don't think this man should still be at the helm of affairs, the same man who forgot the implications of releasing billions of dollars in cash to Dasuki from the nation's vault.

oga! start now instead of keeping it till 2016

sosanova:
Anybody who believe Buhari n Emiefele that Naira will stabilize in 2016 is a bonafide Zombie ......with all the wrong Economic policies being implemented by Buhari , in 2016 expect $1 to be close to 500 Nair's threshold as anticipated by Dangote.

Color me a zombie then.

We have never been a serious nation fiscally.

He should stabilise his mind before naira

We are seriously waiting for this.......God bless Nigeria