CBN hints at plan to fix forex crisis

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has given hints of new plans to combat the nation’s forex crisis.

Emefiele said the apex bank was looking beyond monetary policy measures to deal with the challenges.

According to him, monetary policies cannot sufficiently address the problem in the face of rising demand for foreign exchange for goods, services, and other needs.

Emefiele said this at the maiden bi-annual Non-Oil Export Summit in Lagos where he described the RT200 FX Programme recently unveiled by the apex bank as one of such strategies.

The RT200 FX Programme is an initiative of the Bankers’ Committee aimed at raising $200 billion in non-oil export earnings over the next three to five years.

He noted that the CBN has been working overtime to manage the demand and supply side to meet forex obligations.

Stressing the need for a more diversified economy, Emefiele said Monetary Policy alone could not bear all the burden of the expected adjustments needed to manage the challenges to the Nigerian economy.

He said: “These problems call for urgent design and steadfast implementation of other supportive, structural and complementary policies that are broad-based, coordinated and focused on complementing the work of the monetary authority.”



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