No magic policy can strengthen Naira now – Emefiele –

Godwin Emefiele, governor, Central Bank of Nigeria (CBN), has said that there is no magic policy that can save the naira in the near term, adducing the nation’s penchant and appetite for foreign goods and services as the chief reason for the downward spiral of the value of the currency.

In an article, the CBN governor said that Nigeria does not have much of an economy since it hardly produces anything for both local consumption and export.

“It is either I do not understand economics and how exchange rates work or a vast majority of us Nigerians still don’t get how we have wrecked our country with our own curious choices.

“Just this morning, I was listening to the radio and the lady on air went on and on about how she thought CBN governor, Godwin Emefiele, was incompetent and should be sacked because the naira was now exchanging at N309 or so to the USD,” he wrote.

Emefiele pointed out that the view of the on air personality reflects pretty much the general sentiments expressed by many people, and that it amazes him that there are Nigerians who actually think there is some magic policy that can make the naira strong in the near term.

“If my economics and my understanding of the way the world works are right, then that is as far from the truth as Jesus Christ is black,” he affirmed.