By Modupe Gbadeyanka

Central Bank of Nigeria (CBN) has expressed dismay at campaigns allegedly being sponsored by those it called “self-centred individuals” aimed at discrediting its foreign exchange policies.

The apex bank, in a statement issued by its spokesman, Mr Isaac Okorafor, on Friday, lamented that it has “observed with great concern the continued and unwarranted attack” on its policies by a group of Nigerians.

According to the CBN, the real interests of these people “are anything near altruistic but rather self-serving and unpatriotic.”

The statement noted that the bank finds it curious that certain interests have “remained persistent in their move to misinform the larger public, with the intention of discrediting genuine efforts at managing the economy, thereby creating public distrust and panic within the financial system.”

However, the apex bank maintained that nothing will make it change these policies.

According to the CBN, intelligence reports at its disposal reveal the “involvement of some unpatriotic elements funding the push to have the CBN and the Federal Government reverse its FOREX policy, which is aimed at conserving foreign exchange, stimulating agriculture and manufacturing and also promoting exports.”

“The present economic challenges that we face have been worsened by our past practice of frittering away huge earnings made from oil sales, over the years.

“As we have explained severally, our decisions on FOREX management are prompted by the challenge posed by the level of depletion of the country’s reserves, arising from issues such as a drastic reduction in oil earnings, speculative attacks and round tripping,” the CBN explained.

“It is pertinent to note that pressures on the country’s foreign reserves have persisted due to a huge fall in the monthly foreign earnings, which fell from over $3.2 billion sometime in 2013 to below $500 million per month sometime in 2016, when the demand for the US dollar, particularly by importers, continued to rise considerably.

“In spite of the challenges and the basic economic fact that countries earn dollars from international trade, we have ensured we meet the genuine demand of importers to pay for eligible imports and other transactions within available resources.

“Furthermore, the Bank has continued to ensure that there is liquidity and transparency in the FOREX market.

“For the avoidance of doubt, the Central Bank of Nigeria (CBN) continues to:

Ensure that inflation remains within manageable limits;
Intervene in critical sectors of the economy, through injection of much-needed capital to promote growth and employment;
iii. Promote export-driven industrialisation;

Provide access to credit to farmers and small scale entrepreneurs at single digit rates, to create wealth;
Protect the interest of Bank customers in Nigeria; and above all,
Ensure that the masses of our country’s low income earners are protected from the vagaries of high naira depreciation.
“Despite our positive efforts, some persons and groups have chosen to play to the gallery by focusing on negativity that does the country no good.

“Nevertheless, in line with our mandate and working with the fiscal authorities, we will continue to ensure monetary and price stability as well as maintain external reserves to safeguard the international value of the Naira.

“While leaving our doors open for genuine partnership with all our stakeholders, we will only take economic decisions that will impact positively on the lives of all Nigerians,” the statement said.

The apex bank urged “all concerned to be more patriotic and contribute to the soundness of the Nigerian economy; rather than engage in acts capable of undermining the efforts being made at moving the country out of the current economic situation.”

http://www.businesspost.ng/2017/01/27/unpatriotic-persons-pushing-forex-policy-reversal-cbn/

are u sure? because this policy only favors few elites

Really

CBN and Confusion ...

Oles

Which of una policies don yield beta result? Revert the thing jare

What do we do ?


A statement issued by its spokesman, Mr Isaac Okorafor,“The present economic challenges that we face have been worsened by our past practice of frittering away huge earnings made from oil sales, over the years .


I also believe since Forex has been harder those thieves have been unable to move large amounts in or out of the country , this is about corruption


Admittedly it's affecting Nigerians generally , some are making profit from this hardship and will do anything to make as much as they can


But in the long run, the present forex policy is working

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If it will bring the dollar down then I will pray for their success.

PMB'S economic team have performed below par.

I daresay if it had been Sanusi as CBN governor, things won't be this bad.

Give it to Lamido, no matter how harsh his measures can be, you would see he has a clear sense of direction. Emefiele doesn't inspire the same level of confidence.

the CBN governor should resign.

Nigeria is beyond redemption. even cbn workers are doing round tripping

How does current policies promote export driven industrialization policy?

You guys pick winners and loser in critical sectors in economy excellent work. I guess the airlines that can't access capital weren't critical.

The farmers single digit loans sounds nice.
The questionable parts are bolded.

“For the avoidance of doubt, the Central Bank of Nigeria (CBN) continues to:

Ensure that inflation remains within manageable limits;
Intervene in critical sectors of the economy, through injection of much-needed capital to promote growth and employment;
iii. Promote export-driven industrialisation;

Provide access to credit to farmers and small scale entrepreneurs at single digit rates, to create wealth;
Protect the interest of Bank customers in Nigeria; and above all,
Ensure that the masses of our country’s low income earners are protected from the vagaries of high naira depreciation.

Is it the CBN policy that is simply not working or another one I don't know of?

We just want things to get better datz all

LIES. CBN YOUR POLICIES ARE WRONG. YOU ARE MISMANAGING FOREX.

#CBN CREATED THE NAIRA FALL
You don't include people that genuily need the Forex in the country and outside while you give it to others who don't need it. If really you policies are meant to help nigerians and the FG then why do you sell Forex to licensed BDCs for them to sell to anybody who is travelling. Those people travelling are merely buying FOREX at CBN rate, under the pretext of travelling, but in fact they buy more than they need in order fo them to sell the remaining FOREX at black market rate, While other individuals NEED the forex.

The reason why black market rate will not fall is due to an allocation of FOREX which is not efficient. CBN, you havn't done your work of identifying the drivers of FOREX demand properly, yes importation of fuel, manufacturing, but have you forgetten that we have people that still import cars ( especially FG and also furnirtures that FG buys) , we have students abroad a lot of them who need to pay rent, fees, electricity. How has the CBN made available FOREX for students and manufacturers also complain of underallocation of FOREX.

Guy. TODAY if you have visa and flight ticket you can go to CBN licensed BDC and get dollars at CBN rate if you are travelling. Back in August when i tried to get dollar at CBN rate and had my visas everything, i went to the people selling dollar at CBN rate the palce was overcrowded. I had to see the people that came just like me to buy dollars. Imagine, Pregnant women (probably going to U.S or so to born baby, i wonder whether dey no dey born baby in naija again), i met one guy who came to buy dollar he was going to U.S to buy things like cloths for sale here. More shockingly, i met people who where going to Europe for vacation and were allowed to buy as much a $4000, the guy told me he will use small and go and sell the remaining for black market. What is this FOrex management

CBN is lying, they caused this naira DOWNFALL. All of them resign

Joel3:
the CBN governor should resign.

Igbo pipu go fight Buhari badly, the man is very bad manager and best to for him is to step aside and let the best manager take over.

Patriotism? Na my borehole I dey use, Na my fuel and generator dey gimme light,
What has this government achieved?
Nothing! ......with no hope or plans to even achieve anything.

The CBN was right tho. And they didn't create our problems either. They're only trying to boost the value of our currency with their policies, but unfortunately, it's not yet working.

If I was to blame anyone, I'll blame the politicians that withdrew and distributed all our dollars even when they should have left nothing less than $100bn in the foreign reserves. They chose to squander all our dollars to on their political campaigns, now there's no dollar available for people to do business. And people keep demanding for dollars that isn't available.
Why naira value no go drop

To all those in charge of our economy, I say Wehdone Sir

Middle finger to patriotism.

Blue3k:
How does current policies promote export driven industrialization policy?

You guys pick winners and loser in critical sectors in economy excellent work. I guess the airlines that can't access capital weren't critical.

The farmers single digit loans sounds nice.
The questionable parts are bolded.

Farming yields foreign exchange, aviation takes foreign exchange and most of those airplanes are leased and their registration and insurance are mostly offshore Nigeria so why don't they get guaranteed loans from banks either in Nigeria or abroad there is no where it is mandated in law that the central bank must sell foreign exchange to any private individual or company. The Central Bank may intervene in the market if it so wishes it is not mandated. Go and source for your own forex international business men Bank of Americva and JP Morgan still dey extend credit or even better China Import Export Bank.

I have long associated the use of the words patriotic and unpatriotic when discussing economic issues to economic illiteracy.

Imagine a scenario where $1m was entering the market everyday and a 100m naira was chasing it, what would the exchange rate be? Probably a 100 naira o $1.

Now assume, that the supply of dollars dropped to $500,000 and a 100m naira was chasing it, would it still be a 100 to $1? Of course not.

Well, according to Buhari, it should remain the same rate! This is incomprehensible.

When he came into power,his first act within a week was to peg the naira at 197 to a $1 despite rapidly reduced dollar inflows from oil exports.

Soludo and Sanusi immediately warned him the policy would be a disaster. He no hear word. Sanusi even went on to say these policies have not worked anywhere in the world!

The CBN rather than accept 1+1 isnt 3 has preferred to call its constructive critics unpatriotic.

I laugh in dollar scarcity

rusher14:
We cannot continue to import items that have been on shelves of European and Asian shops for centuries and yet ridicule the very body which attempts to rescue us.

How can a country like Nigeria be importing mirrors and bedsheets?

Why should our priorities be weave-on and Jack Daniel's whisky?

What do you do to enrich the Nigerian economy?

What do you produce as an alternative to the imported variety?

Why should the Naira be strong when it is constantly chasing the dollar like a dog in heat?

The people of the nation need a new paradigm and that paradigm is production.

Please understand that countries do not become rich by becoming self sufficient. Rather, they grow wealthy by focusing resource on areas they have comparative advantage.

Look at what oil has done for Nigeria? Imagine if the country had fully developed its oil industry ? The GDP would probably be thrice as large now.

There's nothing wrong in imports. It actually a wealth creator which you can attest. The world bank estimates 4million Nigerians would be lifted out of poverty if Nigeria ended its protectionist policies which has failed woefully to industrialise the country.

Countries that have grown rich have achieved that through exports and not import substitution. Countries that have really successfully industrialized have achieved that through exports.

Countries grow rich by generating forex and not conserving it

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