The Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has expressed optimism that the Nigerian economy will surpass the 3.4% predictions of the International Monetary Fund (IMF).
Speaking to journalists on the sidelines of the IMF/WorldBank Spring meetings in Washington, defended the apex bank policy to ban official foreign exchange sales to importers of certain product, saying it was to protect the Naira.
Emefiele explained that adopting a free float management of the currency will create an exchange rate spiral for Nigeria as long as the demand surpasses the supply of forex.
The policy has been blamed by the IMF as one of the contributors to Nigeria high inflation rate.
But Emefiele reiterated Bank’s decision on forex restriction to 43 items in order to encourage local production of those identified items.
He the Bank’s facilities to households and small businesses, at single digit rates, has helped to accelerate output and current GDP
He insisted that he and his team remain focused on the primary mandate of the CBN, despite him being linked to the 2023 presidential election as possible candidate.
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