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CBN Gov. Emefiele Reportedly Says Naira Will Stabilize in 2016

BellaNaija.com

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Godwin Emefiele - Bella Naija

According to Global Village ExtraCentral Bank of Nige­ria (CBN) governor, God­win Emefiele, has promised that the Naira will stabilize in the year 2016.

He is said to have given the assurance during an interactive session in Abuja over the weekend.

However, he didn’t disclose the exact strategy to be used for the stabilization. “Don’t ask me because I will not disclose our strategy for now,’’ he said.

He further stated:

“CBN will soon start a nationwide campaign to sensitize Nigerians to items excluded from importation. This is part of efforts to save more foreign exchange and stabilize the nation’s currency. The solution to free-fall of the naira is by controlling the demand for foreign currencies such as the dollar. If we are able to reduce importation, the demand for the dollar will fall automatically.’’

15 Comments

  1. Adeshewa

    December 21, 2015 at 1:56 pm

    Good policies but hopefully the alternative to importation which is making the imported things available locally has also been factored in since we are underproducing.

  2. lady

    December 21, 2015 at 1:57 pm

    Everyone needs to stop making public promises on most matters. Should rather, act on it

  3. zee

    December 21, 2015 at 2:45 pm

    Yimu. We don’t want promises, we want action.

  4. Odi

    December 21, 2015 at 3:25 pm

    There we go! Another empty promise that will only take place in the future. Should we expect anything different from a govt that was voted in based on empty promises alone. Making vague statements like “in 2016” with no set time frame means it could as well be on Dec 31, 2016. Brace yasefs.. change is hia!!!

    By the way, did you guys hear that the refinery in kaduna has resumed functioning? That is, they left the refineries in oil producing states and refurbished the one in Kaduna instead. Hehehe. For the sai buharians and those still sleeping on this matter, let me tell you now..

    Your current president cares not a lick about you. He doesnt even bother trying to communicate to the so called masses that voted him in. The arrogance of it all. He’s there to have control of anything oil. Period! Or why do you think he’s the petroleum minister? He and his ‘brothas’ have long agreed on how they will benefit from it hence their unwavering support for him during the election period. You can’t care that much for Nigeria and contest election for 16yrs only to get elected and not have a clear cut leadership plan, no economic policies.. NOTHING! Just witch hunting. He was interested in the oil all along my dears and you can deny it all you want but that doesn’t change the truth. And watch that Dasuki case get swept under the rug now that his royal highness has been named as a beneficiary.

    Anyway, let me stop here. Ladies and gentlemen, welcome to one chance airlines, operated by airchange. Its going to be a looong ride. Please strap in properly cos there’s going to be some serious turbulence on the way. Your pilot has no aviation training/education or experience and has no sense of direction as to where this plane is headed or how/when it should take off… but he’s been wanting to fly for a while now so we have decided to grant him this one flight. His copilots all happen to be his puppets who watch his body language and adjust accordingly so we don’t expect any challenges in the cockpit. Our prayer is that the pilot gets us to our destination but if that doesn’t happen then its solely the fault of the pilot who flew this plane right before him and in that case all blames and lawsuits should be directed at the last pilot only. We hope you have a wonderful time, and once again thanks for flying one chance airlines.

    • Haha

      December 21, 2015 at 5:57 pm

      Don’t tell me you boarded the Plane too? When there was Sosoliso there for you?

    • Otrizzy

      December 22, 2015 at 2:36 pm

      Child don’t make silly joke from people’s pain .

    • Naija...

      December 21, 2015 at 6:25 pm

      Hilariously sad…

  5. true talk

    December 21, 2015 at 4:42 pm

    lol true talk

  6. nene+

    December 21, 2015 at 6:00 pm

    Emefiele with these your 1984 driven policies? Where is Adeosun?

    Did I hear foreign product? So you mean Zahra Buhari shoes_-Manolo Blahnik Hangisi Satin pumps bought for 1k dollars almost N300,000, accessories or mine? Please park well, stimulate industrialization, no one forces it.
    You and Bubu killed SME’s SBE’s with your adverse policies you couldn’t have attempted with GEJ and you are here dreaming of stability? Where will the dollars fall from? N300? Hahahaha jokers. Its not easy to build an economic team as GEJ did. I wish the stress will dwell with PMB voters alone? Nepa bill certificate at work…. Hahahahahahahahhahaha steps out.

    • Observaunt

      December 21, 2015 at 8:09 pm

      I am confused wasn’t Emefiele appointed by GEJ. As I recall, GEJ removed Sanusi because he could not stomach being challenged and replaced him with a commercial banker with ZERO monetary policy experience. It seems it really doesn’t take long for people to develop historical amnesia.

    • nene*

      December 21, 2015 at 8:48 pm

      GEJ appointed Emefiele he worked with GEJ policy.

      Now same Emefiele is acting out Buharis vision, Buhari minions are strangely happy with it.

      If Buhari doesnt like his policies he should sack him period!!

  7. Observaunt

    December 21, 2015 at 6:55 pm

    Monetary policy is a band-aid solution at best to what is a result of mismanagement of funds as well as a betting too heavily on oil. Sure banning imports and restricting access to foreign currency would decrease the demand for the dollar in the short run. However, if there is no infrastructure to support domestic production or alternative means of supporting domestic demand for goods what we will see is a free fall in domestic consumption. This is bad for everybody whether you buy foreign or buy Nigerian or whatever. Don’t even get me started on the buy Nigerian preachers. These fashion designers import everything from their tailors to their thread. At least some part of the value chain of every product manufactured locally is imported. We import chicken, tomato, stock fish, EVERYTHING! This will affect prices enormously.

    This is a myopic policy without consideration to the health of the overall economy. Worse, the lack of tact in it’s implementation and the alarmist rhetoric around the free fall of the naira is the biggest monetary policy blunder. Maintaining a stable economy is not all science, there is an art to it. To support financial systems, people must have confidence in the Apex Banks. When you think about it there is a kind of “juju magic” to the whole thing. They print money and tell us what hours of our work is worth in paper form. They say the naira dollar rate is this so it is that (yes they support the rates by trading reserves but you get the point). You wont trust me if I told you I could turn your riches into paper and it would be worth the same thing. Once people stop having confidence in a central bank and panic sets in there is nothing you can do to prevent a free fall (think France and Germany post WWI). Central bank credibility is everything and these ones are selling theirs for the price of chewing gum on the streets of Lagos.

  8. mrs chidukane

    December 21, 2015 at 8:44 pm

    I think Emefiele should be replaced.

    • FasholasLover

      December 22, 2015 at 3:24 am

      It does not matter whether Emefiele is replaced or not. This govt is directionless. Buhari has made the same mistake former Presidents all made, he has used this tenure to settle his sponsors and powerful friends. All shades of tired square pegs in round holes. His hand were tied the minute he aligned with Tifnubu and the brigade of thieves. Buhari himself is out of touch with modern/21st century understanding/dynamics of leadership. His appointees are seating on their hands reading his body language which really, doesn’t say much.

      America and Saudi Arabia produces +/_ 13 million and +/_ 10 million barrels of oil per day respectively. Next year Jan or thereabout, sanctions will be lifted off Iran.. There will be a glut in the market. Nobody is interested in Nigeria’s oil. Meanwhile, we are a mono economy. Where will the money for all the fanciful ideas/promises come from?

      Like @Odi said, unfortunately, our pilot only understands manual transmission.

  9. December Wind

    December 21, 2015 at 9:38 pm

    A promise like this raises more doubts than reassurance . It might as well be regarded as an empty promise when it doesnt have a detailed date of when the change would eventually occur and the ongoing strategy to make it happen .

    Sir you said 2016 , pls what date ; I mean the day , week and month could it be 31st of December 2016 or should we be expecting another promise of this kind

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