Emefiele: Policy Saboteurs Will No Longer Be Spared


Saboteurs of economic policies will find their match in the Central Bank of Nigeria (CBN), should governor Godwin Emefiele get the senate’s all-clear for a fresh tenure.

He said that circumventing the policies designed by the Federal Government to stabilise the economy had been the bane of Nigeria’s development.

Mr. Emefiele spoke when he appeared before the senate committee on banking, insurance and other financial institutions for screening as CBN governor following his reappointment for another five-year term.

The CBN boss did not mention the specific policies that may have attracted saboteurs. But the prohibition of 21 items from accessing foreign exchange has been controversial. The CBN insists that the list will be expanded to strengthen the naira and some local industries.

There are also those who think the easy access to forex at banks has killed their profiteering at the parallel market.

The CBN boss said the era of relying on crude oil as the mainstay of the nation’s economy was gone for good as some other commodities have overtaken petroleum in value at the international market.

He decried the high level of disregard and disrespect for policies and laws of the country and noted that there was no doubt that observing policies and laws put in place by the government is a sure way of growing the economy.

The CBN governor also expressed worries over the country’s rapid population growth rate, warning that steps must be taken to put in place policies that would take care of the projected 425 million people in 2050.

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