BY MARK ITSIBOR, Abuja
The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has said the apex bank will continue to review its polices to ensure that the best is achieved for the country’s economy.
Emefiele disclosed this in Nsukka at the weekend in a lecture titled: “The Dilemma of Monetary Policy and Exchange Rate Management in a Recession: Potential Options for Nigeria.”
The event was to mark the second home-coming lecture of the department of Economics, University of Nigeria Nsukka. He said CBN recently embarked on aggressive drive to close the gap between the interbank and parallel market which it’s positive impact was already evident in the economy.
“CBN will continue to monitor evolving situations and constantly review it’s polices to ensure the best for the economy. How do we justify the importation of items like apple, cucumber and eggs from South Africa, beef from Zambia and toothpicks from China.
“These are items we can locally produce and use money in importing these items to beef up local industries that will in turn create employments for our youths. We must take ognizance of the fact that imports are leakages to every economy,” he said.
Emefiele said the country missed opportunity of being a great economy when it saw oil and abandoned agriculture which was the backbone of the economy in 1960s and 1970s.
Emefiele also asked tertiary institutions in the country to focus on research that will boost economic development. He also assured that the CBN will work with relevant stakeholders in the educational sector to stimulate research for the overall good of Nigeria.
Mr. Emefiele, who is also an alumnus of the institution, expressed concern that the educational sector in the country had lost its glory, noting that any country desirous of making tremendous growth should focus on its health and educational sectors.
Mr. Emefiele disclosed that the CBN had to make the foreign exchange market flexible as well as prioritize the most critical needs for foreign exchange. According to him, the apex Bank had to restricted access to the Forex market for a category of 41 commodities, which he said the Bank saw as being unnecessary drains to the country’s reserves.