Central Bank of Nigeria calls for measures to stabilise the economy

yinka ogunlami

December 27, 2015 5:19 PM

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Nigeria, the largest economy in Africa and one of the leading developing Nations of the world. But application and execution of the economic policies are no easy task especially at this time when the Nation has to make a lot of cuts amid decrease of Global oil prices to sustain it economy.

The government has played their part to strengthen the economy of the country with different policies but the economic analysts say that much more work is needed in the proper way to get the work done. One of the many reasons that previous administrators could not yield superior results was due to the unstable nature of Naira.

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To rescue Naira from further decline the Central Bank of Nigeria (CBN) governor, Godwin Emefiele said, the Bank would introduce additional measures to boost the Nation’s economy and stabilise the Naira which is at present N199.05 against the US dollar.

He although said that Nigerian economy was in a better shape compared to other African countries. He suggested importers to reduce their imports to essential items only to reduce the additional pressure on the foreign exchange.

He said, “We would soon start a nationwide campaign to educate Nigerians on items excluded from import as part of efforts to save foreign exchange and stabilise the economy. If we are able to reduce imports, the demand for the dollar will fall and the country will go back to the farm to produce what was needed.”

“Let us stop importing tooth pick from South Africa. This what we are saying. Nigeria can do away with these items. The truth is that the reserves are no longer there.”

He also suggested the Nigerian people to have patient and have faith in the Buhari Government and their efforts to ease the sufferings of the Nigerians.

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