CBN may review forex policy – Emefiele

Nigeria’s real sector may soon get some fresh impetus as the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has promised to review some aspects of the bank’s flexible exchange rate policy to allow more manufacturers and other end users more access to foreign exchange, after nearly two years of embargo on importers of 41.

Emefiele, who spoke in Washington DC, USA, after crucial sessions with foreign investors and other stakeholders including the International Monetary Fund (IMF), and the World Bank Group, noted that though the flexible exchange rate policy was commended by several stakeholders at the meetings, there may be need still to review some aspects of it in the months ahead, to boost job creation and manufacturing capacity.

“We heard the IMF Managing Director Christine Lagarde, saying there is need to consider further liberalisation of the Naira, but like I have always said, the flexible exchange rate regime document that we have in place is a very sound document and truly speaking, I have not seen one person that has criticised it. But what we only have to talk about is fine-tuning few aspects of it, in terms of the implementation of the content of that document.”

The CBN boss added that it was important for Nigerians to underscore the significance of the various meetings the country’s delegation had with stakeholders from about 189 countries that added the World Bank Group meetings on the country’s economic outlooks and where it was heading to vis -a -vis, what is likely to be seen in the immediate, short term and the long run for the global economy.

“We can always go back and look at them but what is most important in our mind as we are trying to look into these policies is that we will make sure that they are policies that have been done in the interest of Nigeria and Nigerians. What is important at this stage is how we protect Nigerians. We are committed to ensuring that we reduce the level of unemployment and  what we can do to ensure that manufacturers continue to improve their industrial capacities, as well as how to make it possible for them to get foreign exchange to run their factory,” he said.