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/

He should just go and sit down one place... nonsense.

FYM kwantinu

Oga your Best Decision came with the worst outcome..Dafty

Ok. We don hear na.

So what we have now is the best they can come up with?

Economic decisions that makes the masses suffer more.

Chai!

#Yinmu

Buhari has destroyed this country

There's something wrong about the timing of your best decisions.

This man should be arrested, period!! Kemi the minister of finance should be jailed for life.

Yours is to make policies whether Good or bad, favourable or not, and ours is to allow and swallow it without no options....Hmmmm..Smh.

Nigeria, Joke of a nation!

Can't recur the last time useful and encouraging words came out of the mouth of Nigeria Government.

I've always voice out the opinion of diversification because we have many other natural resources begging to be explore. Right from my Secondary school days, when ever we are told to draw the map of Nigeria and locate the position of its mineral resources, coal in enugu is even always my number one on the map, not to mention others that we've still not yet explore........but what I don't understand is why we are facing this high degree of almost unbearable hardship in the name of diversification so much that people are stealing with so much frustration and hopelessness down to the point of disppearin with hot pot of soup that is still on fire.

P.S---Pls take note of this stolen vehicle below. Thanks

Okay!!!!! Enough of all these talks abeg.

This man and madam finance are really doing a 'good' job with the way things are going for the masses.

Emefiele is a joker and I hope he is reading this. He talks about diversification; how will diversification come to play when the interest rate in this country is extremely high. Currently only about 0.05% of the Nigerian population is creating jobs. Who is going to diversify the economy - Dangote Emefiele, in a recession, you reduce interest rate and not increase interest rate. You should put enormous pressure on Bank CEOs to start lending to start-ups. Enough of the currency trading and bond purchase practice of Banks, there should be real lending to support our economy. The profitability of Banks should be seen and felt in the economy. Banks should not grow without any economic growth.

You took the best, then reversed it and called the reverse the best.

Your 'best' is shameful, you were never even sure at any point.

http://www.vocalwalls.com/make-small-room-look-bigger-wallpaper/
http://www.vocalwalls.com/make-small-room-look-bigger-mirrors/
http://www.vocalwalls.com/paint-sheen-right-home/

YOU ARE SORRY; Because you Voted for a
Miracle Performing PMB; A Status Quo PMB and a
Corrupt PMB; NO VEX He is None of those. You
have No Idea what it takes to Build Nations; You
have been Bastardized by the Nigeria Miracle
Mindset; You are Weak and Feeble.
ABEGI; It took the United States after the 2008
Financial Meltdown Five Years to get back and
they had $787billion Stimulus. It Took Mahatir
Mohammed over 4 years after the 1997 Asian
Economic Crisis; It took the EU more than a
Decade to recover from the Crisis of 2008;
Please ask the Singaporeans; The Chinese and all
the Developing Countries what it takes to build
countries.
We have A Bastardized Nation; A Looted
Treasury; A Criminal Political Class; A People
Bamboozled to become Saboteurs; A Military
Neglected; A People Compromised and a Nation
RAPED; Zero Savings; Corruption Driven
Economy and you wanted these Problems to
have been Solved in Months? MADNESS.
I AM LOVING PMB MORE....I SEE FISCAL SANITY; I
SEE A GREAT NATION AGAIN.

You are very stupiid!

Wish diversification? Spending billions of dollars looking for imaginary oil in sambisa Forest?

we'll soon be there INSHA ALLAH, i know ugandans wont like this BTW why is it that biafra is the least concern to igbo elites?? only the poor and illiterate ar striving for it, come kano and see how rich igbos are enjoying one nigeria

Thunder fire you there..
GEJ should better come back.

That's why we're in the worst economic state as a nation.

is God punishing us with bad leaders

leaders who loot our treasure, fly their kids to overseas & turning us to savages

See him face like this yoruba comedian.... Wetin be him name sef? Eemmmm... Afeez ayetoro. "Best Economy" for who?

Boss13:
Emefiele is a joker and I hope he is reading this. He talks about diversification; how will diversification come to play when the interest rate in this country is extremely high. Currently only about 0.05% of the Nigerian population is creating jobs. Who is going to diversify the economy - Dangote Emefiele, in a recession, you reduce interest rate and not increase interest rate. You should put enormous pressure on Bank CEOs to start lending to start-ups. Enough of the currency trading and bond purchase practice of Banks, there should be real lending to support our economy. The profitability of Banks should be seen and felt in the economy. Banks should not grow without any economic growth.

I really don't know where we lost it as a nation , they talk of diversification like it's 24hrs tin .atleast the Cbn governor is trying wat of the minister of finance who only talks of how they release funds for capital projects yet we don't see anything .. The worst that could happen to any govt is to av a medicro as a minister .

Mammangaddafi:
YOU ARE SORRY; Because you Voted for a
Miracle Performing PMB; A Status Quo PMB and a
Corrupt PMB; NO VEX He is None of those. You
have No Idea what it takes to Build Nations; You
have been Bastardized by the Nigeria Miracle
Mindset; You are Weak and Feeble.
ABEGI; It took the United States after the 2008
Financial Meltdown Five Years to get back and
they had $787billion Stimulus. It Took Mahatir
Mohammed over 4 years after the 1997 Asian
Economic Crisis; It took the EU more than a
Decade to recover from the Crisis of 2008;
Please ask the Singaporeans; The Chinese and all
the Developing Countries what it takes to build
countries.
We have A Bastardized Nation; A Looted
Treasury; A Criminal Political Class; A People
Bamboozled to become Saboteurs; A Military
Neglected; A People Compromised and a Nation
RAPED; Zero Savings; Corruption Driven
Economy and you wanted these Problems to
have been Solved in Months? MADNESS.
I AM LOVING PMB MORE....I SEE FISCAL SANITY; I
SEE A GREAT NATION AGAIN.

Kenechukwu clap for ya self...........weldone

ok....so this condition that we are into Now is the best condition Abi ??


I tut buhari is the only dullard, I never knew you are among them.....

[size=16pt] Definitely, a clueless decision[/size]

Boss13:
Emefiele is a joker and I hope he is reading this. He talks about diversification; how will diversification come to play when the interest rate in this country is extremely high. Currently only about 0.05% of the Nigerian population is creating jobs. Who is going to diversify the economy - Dangote Emefiele, in a recession, you reduce interest rate and not increase interest rate. You should put enormous pressure on Bank CEOs to start lending to start-ups. Enough of the currency trading and bond purchase practice of Banks, there should be real lending to support our economy. The profitability of Banks should be seen and felt in the economy. Banks should not grow without any economic growth.

He certainly doesnt know his job nor understand best global practices

Anyway, it's too bad that we are suffering for what they term as good abi na best... my own is that I'm tired of buying things at much higher rate with the same money Ive been earning since the beginning of this year..