Emefiele links elites’ taste for foreign goods to forex scarcity – Today

The Central Bank of Nigeria (CBN) has blamed the elite who preferred imported materials to local ones for the foreign exchange crisis and its immense contributions to the current nation’s economic woes.

The apex bank, through its Governor, Godwin Emefiele, lamented that Nigerians spend nothing less than £2 billion on their children studying abroad at the detriment of the the country’s educational sector.

Speaking at the National Institute for Policy and Strategy Studies (NIPSS), shortly after he delivered a lecture titled “Managing Monetary Policy in Turbulent Time,” the CBN governor wondered why the bank is often condemned whenever it takes decisions to preposition the Nigerian economy.

Emefiele advised Nigerians to look inwards in order to come out of the present economic predicament.

Reacting to the continuous criticism of the CBN’s foreign exchange policies, he said, “When you introduce a new policy and people do not complain, then that policy is not working. But when policies are introduced and people are shouting and complaining, then the policies have reached the right place. It means the policy is working. We should not use our hands to destroy ourselves, we should not use our hands to kill ourselves,” he said.

Read more at https://www.today.ng/business/178154/emefiele-links-elites-taste-foreign-goods-forex-scarcity