Godwin Emefiele, governor, Central Bank of Nigeria (CBN), has said that there is no magic policy that can save the naira in the near term, adducing the nation’s penchant and appetite for foreign goods and services as the chief reason for the downward spiral of the value of the currency.
In an article, the CBN governor said that Nigeria does not have much of an economy since it hardly produces anything for both local consumption and export.
“It is either I do not understand economics and how exchange rates work or a vast majority of us Nigerians still don’t get how we have wrecked our country with our own curious choices.
“Just this morning, I was listening to the radio and the lady on air went on and on about how she thought CBN governor, Godwin Emefiele, was incompetent and should be sacked because the naira was now exchanging at N309 or so to the USD,” he wrote.
Emefiele pointed out that the view of the on air personality reflects pretty much the general sentiments expressed by many people, and that it amazes him that there are Nigerians who actually think there is some magic policy that can make the naira strong in the near term.
“If my economics and my understanding of the way the world works are right, then that is as far from the truth as Jesus Christ is black,” he affirmed.
He continued: “The simple fact of the matter is that apart from oil that accounts for over 90% of our revenues, we really don’t have much of an economy. We hardly produce anything; we import even toothpicks, so exactly what policy is going to be implemented that will turn Nigeria into a top exporting economy in the near term?
“Where are our Apples, IBMs, Disneys, GMs, General Electric, Coca Colas, Empire State Buildings, Statues of Liberties, Lockheeds, Citibanks, JP Morgans, ExxonMobils, NBAs, Super Bowls etc?”
Emefiele recollected the good old days when Nigeria had a truly strong economy and the naira was one to the dollar – even exchanged for higher than the USD, adding sadly that the old Nigeria was laid by the British, and current one fueled by what he referred to as the damaging indigenisation decree of the 70s, has been the creation of us Nigerians.
“Back then we had a booming economy. We were either the top, or among the top exporters, of timbre, cocoa, groundnuts, rubber, palm oil, etc, in the world. Nigerians not only holidayed at home in their villages, at Yankari Games Reserve, at Obudu Cattle Ranch, at Oguta Lake, at Ikogosi Springs, at Gurara Falls, at Mambilla Platueau, etc, we attracted international tourists who brought in loads of foreign exchange. Even Nigerian schools were foreign exchange earners because they attracted foreign students.”
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He noted that the country in years past had different car assembly plants – Peugeot, Volkswagen, ANAMCO etc. that Nigerian government officials only bought vehicles assembled in Nigeria for official cars.
He equally recollected that the nation had a thriving sports industry.
“We were not Man United or Chelsea fans; we were Rangers or IICC fans. We had the Nduka Odizors, people made money from sports. We also had companies like Lennards and Bata producing school shoes in their thousands, we had the thriving Nigerian Airways and the Aviation School in the north that produced some of the best pilots in the world.
“In those days if you were brilliant you were respected much more than the crass money-miss-road contractors of today. Most of the ‘Aje Butters’ I knew had fathers who were university dons. Back then it meant something to ‘know book’. Our textile industry was alive and well. Just recently I watched a news report on the textile industry in Nigeria on CCTV News. Though the main focus was on the comatose status of the industry, I was stunned by the gigantic Kaduna Textile Mill built in 1957. I could go on and on,” he lamented.
He said we all have destroyed everything, as Nigerian football no longer appealed to us to the extent that we have to fly across thousands of miles to watch foreign clubs dubbed “our” clubs play and collectively burn billions of naira for clubs that give us nothing back save simple pleasures for which we are ready to destroy the future of our children.
The CBN governor said what we are experiencing today is payback time.
“Even with our ‘ta-she-re’ money we all want to wear designer clothes and carry designer bags, Armani, Givenchy, Louis Vuitton etc. We all want to drive jeeps with American specs, our children must now school overseas and acquire the necessary accents to come back home and bamboozle their ‘bush and crass’ contemporaries that they left behind. Who holidays in Nigeria anymore, is there Disneyland here? No one buys made-in-Nigeria school bags for their children, after all no Superman or Incredible Hulk or Cinderella on them.”
Emefiele finally posited that we always keep letting corrupt leaders who have looted the nation’s commonwealth and shipped all the monies overseas get away because to attack them does not fit our political narrative.
“Let us continue with the fine life, let us all continue to work for ‘Oyinbo’. But don’t forget that there is payback time and Emefiele is not your problem,” he noted.

https://www.today.ng/business/162829/magic-policy-strengthen-naira-emefiele

Nonsense

“It is either I do not understand economics and how exchange rates work or a vast majority of us Nigerians still don’t get how we have wrecked our country with our own curious choices."

-Mr. Emefiele: You lack the basic knowledge of modern economics and challenges of globalisation.
- What curious choices? Your change government has not fulfilled any single promise to revive the economy. How much has been spent since the budget was passed? Why did your committee unilaterally increase MRR to 14%? Why are you selling dollar at NGN199/$ to religious bodies? What contribution is the picnic to the GDP of the country? Nonsense

“If my economics and my understanding of the way the world works are right, then that is as far from the truth as Jesus Christ is black,” he affirmed"

-You are an insincere public servant. Your government of change campaigned on the grounds that the value of Naira would improve, however, just under one year of office, things have gone from bad to worse imagine NGN400/$. You should be ashamed of yourself and at least throw in the towel to save face. Nonsense

“Let us continue with the fine life, let us all continue to work for ‘Oyinbo’. But don’t forget that there is payback time and Emefiele is not your problem,” he noted.

-Emefiele is the problem, you are grossly incompetent and clueless. Unfortunately, you are simply hiding under the CBN Act that empowers you to use our economy - trial and error experiment.

Nonsense comments, hopeless and frightening situation caused by the most insincere government since Nigeria's exit from Colonial regime in 1960

Useless

can they just sack these man now?

Nigeria is finished. Totally destroyed by illiterate, irrational quota system and paper generals. This country should be split, there is no redemption, none at all.

Then quit....Soludo/Sanusi or anyone else who can discern modern economy should be recalled.

In saner climes, if u feel d pressure is too heavy for ya.....u pack ur bags and head to the village.

just go, the suffering is clocking maddening levels.

buhari has destroyed nigeria's economy.

Lobatan! If the CBN governor himself can lose hope in the naira, what then is the fate of our economy?

We are on for a long ride.... Benin republic buy morthan us yet their economy is about to be better

The CBN Governor said what we are experiencing today is payback time.

Was that what they Promised Nigerians?,