Senate, yesterday, expressed confidence that the economy would strongly bounce back, just as it said that it was not doing badly when compared with other countries across the globe.
The upper chamber stated this after it engaged the Governor of the Central Bank of Nigeria, CBN, Mr. Godwin Emefiele, and top management team of the apex bank in a two-hour closed door meeting over the continued depreciation of the naira against the United States dollar.
Speaking through its spokesman, Senator Aliyu Sabi Abdullahi, the Senate said the analysis given by the CBN governor, also showed that Nigeria was not doing badly in many macroeconomic indices, when compared to its peers.
“The governor of the CBN presented a detailed, comprehensive and lucid account of the performance of the Nigerian economy in the last one year. His presentation began with current global economic conditions, which has been characterised by external shocks including the sharp decline in commodity prices, geopolitical tensions along important global trading routes and tightening of monetary policy in the United States of America.
“He drew linkages of these occurrences with the Nigerian economy, especially with respect to the over 70 percent decline in oil price from about S30 per barrel. The governor’s presentation also gave us an insight into the bank’s analysis and understanding of the situation, and therefore, the rationale underlying the countervailing policy actions it has taken over the last couple of months. He also gave the Senate cross- country evidence of how other countries around the world have been dealing with the same external shocks,” he added.
Sabi stated that: “After the presentation, many senators asked a lot of pertinent questions and raised issues concerning the health of the banking system, the stoppage of sales of foreign exchange to BDCs, gradual rise in inflation, fall in foreign exchange reserves, exclusion of some items from access to foreign exchange, and policy coordination between the fiscal and monetary authorities.
“Following an exhaustive response by the governor and his team, the Senate acknowledged that these are indeed difficult times all over the world and not just in Nigeria. The Senate also acknowledged the pains that many people may be facing at this time, especially in the light of shortages of foreign exchange for legitimate businesses.”
He added that having carefully considered the policies of the CBN, “the Senate would like to commend and support these policies because they are mostly geared towards increasing local production, creating jobs here in Nigeria, safeguarding our commonwealth, expanding economic opportunities and growth in Nigeria.’’
Abdullahi, who is the Chairman, Senate Committee on Media and Public Affairs, however, tasked Nigerians to join hands in seeking solutions to the myriad of problems bedevilling the country rather than engage in blame games.
‘’It is critical that we all put hands together to seek long term solutions to our underlying problems of non-diversification of foreign exchange earnings and revenues rather than pointing fingers or apportioning blames,” he said.
The Senate, Abdullahi said, believes strongly in the resilience of the economy and the ingenuity of the Nigerian people and as such “we are confident that we will all pull through these difficulties and come out as a much better, equitable and prosperous nation.”
He said the appearance of the CBN team was in line with Section 8 of the CBN Act 2007, which requires that the governor of the bank provides, to the National Assembly, periodic updates on the activities of the bank, as well as the performance of the economy.


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  • vic

    GODWIN EMEFIELE THE GOVERNOR OF CENTRAL BANK OF NIGERIA SHOULD TELL US NIGERIANS AS TO WHY WHY THE DEPOSIT BANKS OF NIGERIA (DMBs) WHOSE CHAIRMAN, MR eMEFIELE IS, CONTINUE TO CHARGE A PARRALEL MARKET RATE OF N282 FOR ONE DOLLAR AND NEARLY N400 FOR A BRITISH POUND FROM THEIR CUSTOMERS USING INTERNATIONAL NAIRA DEBIT CARDS ABROAD WHEN THE SO-CALLED OFFICIAL RATE SET BY MR EMEFIELE AT THE CENTRAL BANK IS N198 TO A DOLLAR AND N282 TO A BRITISH POUND??? IS IT NOT THE SAME GOVERNOR WHO WAS BROUGHT THROUGH THE BACK DOOR BY CLUELESS CORRUPT JONATHAN TO ROB THE CENTRAL BANK OF BILLIONS OF US DOLLARS NOW KNOWN AS DASUKI GATE WHERE CORRUPT MR EMEFIELE OPENED THE VAULTS OF THE CENTRAL BANK TO LOOTERS LIKE JONATHAN WHO TURNED THE CENTRAL BANK INTO A PIGGY BANK WITH THE BLESSINGS OF THE CENTRAL BANK GOVERNOR, MR GODWIN EMEFIELE. UNDER THE CIRCUMSTANCE, FAR FROM DESERVING THE APPRECIATION OF THE SENATE LOOTERS AND CORRUPT SENATORS LIKE SARAKI, MR GODWIN EMEFIELE SHOULD HAVE BEEN PUT INTO JAIL ALONG WITH JONATHAN FOR AIDING AND ABETTING RANSACKING OF THE CENTRAL BANK OF NIGERIA OF DOLLARS BY JONATHAN AND HIS CORRUPT LIKE-MINDED SYCOPHANTS WHICH DEPLETED THE FOREIGN RESERVES TO ITS PRESENT LOW LEVEL THUS WEAKENING THE NAIRA TO ITS PRESENT MISERABLE LEVEL.

    MR EMEFIELE IS AN ECONOMIC ILLITERATE WHEN HE SAYS THAT NAIRA IS WEAKNING BECAUSE OF LOW OIL PRICES TO ITS PRESENT LEVEL. MY GODWIN EMEFIELE IS PERHAPS TOO IGNORANT TO KNOW THAT IN 1972, WHEN NIGERIA WAS DRILLING NO OIL AND THERE WAS NO REVENUES FROM OIL AT ALL, ONE NIGERIAN POUND WAS EQUAL TO 2 BRITISH POUNDS OR 5 US DOLLARS. SO THIS ECONOMIC ILLITERATE CENTRAL BANK GOVERNOR, MR GODWIN EMEFIELE SHOULD STOP DISPLAYING HIS ECONOMIC ILLITERACY BY PUTTING FOR WARD THE ARGUMENT TO THE SENATE AND TO THE NIGERIA PUBLIC BY SAYING THE NAIRA IS WEAKENING TO ITS PREST LEVEL BECAUSE OF DRASTIC FALL IN THE OIL PRICES ON THE WORLD MARKET. SUCH A SHALLOW AND UNINFORMED ARGUMENT PUT FORWARD BY MR EMEFIELE DOES NOT HOLD WATER. THIS DEMONSTRATES THE MR MR EMEFIELE HAS NO KNOWLEDGE AS TO HOW TO RUN THE CENTRAL BANK BOTH EFFECTIVELY AND COMPETENTLY BECAUSE HE IS AN IGNORANT TWIT AND AT THE CENTER OF FRUAD CAUSING THE CURRENT WEAKNESS OF NAIRA. NAIRA CAN ONLY BECOME STRONGER WHEN MR EMEFIELE IS SACKED FROM HIS POSITION AS THE GOVERNOR OF CENTRAL BANK. AS A CHAIRMAN OF THE DMBs, GODWIN EMEFIELE IS NOT ONLY ACTIVELY ENCOURAGING BUT ALSO AIDING AND ABETTING PARALLEL FOREX MARKET THROUGH THE DMBs BY LETTING THEM SELL NAIRA AT PARALLEL MARKET RATES OF N282 TO A DOLLAR AND N400 TO A BRITISH POUND TO UNSUSPECTING CUSTOMERS USING THEIR INTERNATIONAL DEBIT CARDS DY DIASPORA IN FOREIGN COUNTRIES FOR THEIR DAILY NEEDS. TO SAVE NAIRA THIS ILLITERATE CENTRAL BANK GOVERNOR, MR GODWIN EMEFIELE MUSH BE SACKED HERE AND NOW. HE CONTINUES TO BE A CLEAR AND PRESENT DANGER TO THE NIGERIAN CURRENCY,NAIRA WHICH BUHARI PROMISED TO MAKE EQAL TO ONE DOLLAR.