Central Bank of Nigeria, CBN, has stated that the Civil Society has a very important role to play in the evolving monetary policy initiated by the bank in order to save the country’s economy in the midst of the dwindling foreign exchange earnings.
CBN Governor, Godwin Emefiele stated this yesterday in Abuja during an advocacy workshop on the economic implications of recent CBN monetary policies organised by Coalition of Civil Society Group, CCSG.
The governor who was represented by the CBN Director, Financial Market Department, Emmanuel Ukeje, reiterated that certain policies adopted to restrict outflow of lean foreign currency such as BVN and some items of importation exempted from getting foreign exchange became necessary as the price of oil in the international market could not guarantee consistent external buffers.
According to him, “the 41 items the CBN refuse to be funding their importation into the country are items that could be produced locally.
What we are doing is that if we cannot guarantee the inflow of the foreign exchange earnings; let us be able to restrict the outflow. By so doing we would grow the local industry and be able to create jobs for our youths.”
Speaking at the occasion, President of CCSG, Etuk Bassey Williams, wondered how CBN had to put in place some monetary policy measures to help stabilise the economy despite mounting pressure on the Naira as a result of declining foreign exchange earnings.
According to him, “Most notable is the recent foreign exchange restriction, which has attracted mixed reactions from various stakeholders. While some are of the view that the said policy would serve as disincentive to the Nigerian manufacturing sector and the economy, others on the contrary believe if effectively implemented, it will not only change the structure of the economy but will also resuscitate local manufacturing and expand job creation for our citizens.
“While Nigerians are stocked between these two views, it is imperative more than ever before that in this period of enormous expectations from the present administration that platforms such as one provided today be fully harnessed to engage relevant stakeholders in order to establish a synergy that will help create an understanding on how these policy measures undertaken by government will help to drive the needed socio-economic development in this era of change.”
The CCSG President suggested that the government should take a conscious and pragmatic steps in diversifying the economy with emphasis on the solid minerals Sector, which if properly harnessed, is capable of generating in excess of what is currently being generated from crude oil. He also said that priority should be given to the growth of small and medium scale industries, which remain the engine of growth of any economy.

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