L
LequteMan
Guest
Nigeria - The Naira is going to be stable in 2016, CBN governor Godwin Emefiele has stated.
According to him, the apex bank is evolving additional measures to boost the economy and stabilise the embattled currency.
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,’’ he told newsmen, saying it would be counter-productive and pre-emptive to reveal the strategy.
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.”
The Sun
According to him, the apex bank is evolving additional measures to boost the economy and stabilise the embattled currency.
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,’’ he told newsmen, saying it would be counter-productive and pre-emptive to reveal the strategy.
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.”
The Sun
