Why naira is on a free fall – Emefiele – Today.ng

The Central Bank Governor Godwin Emefiele has explained why the Naira is on a free fall.

He said the country’s currency depreciated against the Dollar because the nation has nothing to export except oil.

Emefiele disclosed this during a career talk organised for the teenagers of Redeemed Christian Church of God (RCCG) at TEAP school, Abuja.

He spoke in response to a question by one of the teenagers.

He said over dependence on oil contributed largely to the current situation, stressing that when the oil falls, the naira falls.

The CBN Governor further stated that the only way out was to diversify the economy, which the federal government has commenced.

Emefiele, who was represented by his deputy, Sarah Alade, emphasised that the nation would grow economically when it produces, have more things to sell and export to earn dollars.

His words: “Our currency is naira but there are lots of things we buy but we cannot use the naira.

Read more at https://www.today.ng/business/167299/naira-free-fall-emefiele