Godwin Emefiele, CBN Governor
Godwin Emefiele, CBN Governor

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says the apex bank has injected enough forex into the aviation sector, wondering the cause of lamentation by aviation stakeholders.
In an interview with newsmen, Emefiele blamed some of the challenges in the sector on shortage of passengers.
He said the situation was not peculiar to Nigeria, and explained that the sharp decline in the prices of oil has had a negative impact on aviation.
“It is important for me to correct the impression that airlines are closing down or airlines are moving out of the country because of inadequate access to foreign exchange. No one can deny that everyone is finding it hard to get FX these days, given the sharp drop in oil prices and FX inflows. So that may be part of the issue,” he said.
“But the real reason airlines are reducing their flights is a lack of passengers not just in Nigeria but all around the world. As a result of the global economic situation that we find ourselves today, there has been a serious reduction in the number of travelers in different parts of the world. The aviation sector in different parts of the world is confronted by this.
“I would imagine that rather than travel in a weekend to go and organise a party or go and conduct wedding in Dubai or travel to go and organise party in London, given the situation we find ourselves, people have now learnt that there is a need for them to be prudent in spending money.
“So, no doubt, we have seen a reduction in the number of travelers. And because there is a reduction in the number of travelers, naturally there is a reduction in the occupancy rate for the airlines.
“So, that is what has happened. Now, are we giving them forex? You will recall that last week when we did some secondary market intervention through forward, we also considered the aviation sector and we gave them what they needed.
“We are meeting their foreign exchange needs. So, when people say they don’t have foreign exchange, I don’t really understand what they are talking about because we have taken the aviation as an important sector in the country.”
On the reports that the airlines were relocating to Ghana, Emefiele said: “Are they suggesting that Ghana has more FX than us? They are facing the same FX shortages like us, if not worse. And by the way, Ghana’s FX reserves are probably less than 25 percent of ours here in Nigeria. So, it cannot be correct that the airlines are relocating there.”
He added that the CBN had disbursed nearly N2 trillion to both public and strategic private sectors of the economy in the last one year.


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  • vic

    MR EMEFIELE, NIGERIANS KNOW THAT YOU DO NOT KNOW ANYTHING ABOUT ECONOMY, THAT IS WHY YOUR ECONOMIC AND FOREX POLICIES ARE BLOWING UP IN YOUR FACE. AS A CBN GOVERNOR, YOU ARE CLEARLY A MISFIT AT THE CENTRAL BANK, SMUGGLED IN FRAUDULENTLY THROUGH THE BACK DOOR BY JONATHAN TO FACILITATE LOOTING OF CBN BY CLUELESS JONATHAN BILLIONS OF DOLLARS WHICH YOU SUCCESSFULLY DID AS HIS FOREX HOUSEBOY. MR EMEFIELE YOU ARE A MIGHTY EX FOREX FRAUDSTER NOW REPEATING THE SAME FOREX FRAUD UNDER BUHARI. YOU HIGHLY DESERVE SACKING BUT FOR THE REASONS MENTIONED ABOVE, YOU CONTINUE TO STAY IN THE OFFICE, DESPITE REPEAT DEMANDS FROM WELL-MEANING NIGERIANS FOR YOUR IMMEDIATE SACK.

    MR EMEFIELE, YOU ARE THE MAIN CULPRIT, WHO IN CONNIVANCE WITH THE FOREX FRAUDSTER, BUHARI, CONTINUE TO SUSPEND THE USE OF INTERNATIONAL NAIRA DEBIT/ MASTER CARDS AT ATM MACHINES OVERSEAS PREVENTING THE NIGERIAN STUDENTS IN DIASPORA TO WITHDRAW FOREX CASH FROM ATMS FOR THE PAYMENT OF THEIR SCHOOL FEES AND OTHER EXPENSES WHILE LIVING IN OVERSEAS COUNTRIES. MR EMEFIELE, YOU ARE THE PERSON WHO IS ALSO ROUTINELY FUELING THE NIGERIAN BDS WITH FOREX FROM CBN SO THAT THESE BDS BUY DOLLAR FROM CBN AT N300 TO DOLLAR AND SELL THE THE SAME IN BLACK MARKET( PARALLEL MARKET) AT 465 TO A DOLLAR UNDER YOUR VERY NOSE, THUS AIDING AND ABETTING ILLEGAL FOREX ROUND-TRIPPING BY NIGERIANS TO MEET THEIR LEGITIMATE FOREX NEEDS OVERSEAS.. SO MR EMEFIELE, YOU ARE THE CENTER OF FOREX FRAUD IN NIGERIA TODAY WHICH HAS NOT ONLY DESTROYED NIGERIAN ECONOMY BUT ALSO THE NATIONAL CURRENCY, NAIRA. YOU, TOGETHER WITH FOREX FRAUDSTER BUHARI HAVE FORMED A FOREX CABAL IN NIGERIA, WHICH BROUGHT NOTHING BUT DISASTER FOR THE NIGERIAN ECONOMY AND REDUCED THE NATIONAL CURRENCY NAIRA TO ASHES..

    UNDER THE CIRCUMSTANCE, MR EMEFIELE YOU SHOULD BE GETTING READY TO BE BOOTED OUT SOONER THAN EXPECTED AS ALREADY DEMANDED BY VERY MANY WELL-MEANING NIGERIANS AND SPEND TIME IN JAIL FOR YOUR CONTINUED FOREX THEFT AND DESTRUCTION OF NIGERIAN ECONOMY AND NAIRA.