Our economic policies are in right direction, CBN replies el-Rufai

By Caleb Ayansina

ABUJA—CENTRAL Bank of Nigeria, CBN, has reiterated that its current economic policies were in the right direction to rescue the dwindling economic situation in the country. Governor of CBN, Mr Godwin Emefiele, who faulted critics of the apex bank’s policies, said the bank was operating the best policies needed to address the present economic crisis in Nigeria.

CBN Governor, Mr Godwin Emefiele
CBN Governor, Mr Godwin Emefiele

Governor of Kaduna Ahmed El-Rufai, had last week criticised the CBN  over the bad state of Nigeria’s fiscal regime, saying the  bank’s 14 per cent monetary policy rate had led to unprecedented job losses in the country, especially with the bank’s Monetary Policy Rate, MPR, increased from 12 per cent to 14.

The CBN boss, who stated this at Redeemed Christian Church of God, RCCG, The Everlasting Arms Parish, Garki, Teens’ Career Conference, in Abuja, said the bank’s policies at present remained the best option to Nigeria’s ailing economy.

Emefiele, who was represented by CBN Deputy Governor, Economic Policy, Dr Sarah Alade, said:  “At this moment, what we are doing is what is best for the economy. The concern even in this hall has been the slide in the naira.  And I have told you, I did answer the question by saying that we also need to ensure that we diversify the economy, so we can earn more dollar, we can have more export.

“We are also supporting the efforts of the government.  Once we are able to do this, we would then be able to earn the interest rate that people want. At this particular time, to be able to get out of the situation we are in, we need to have the decisions we have taken at the right time.


“The Monetary Policy Committee considers all these factors before we take decisions and we will do what is right for the economy. Whatever policies we need to take to ensure that the economy comes out stronger, we’ll do it and at the right time.” CBN boss assured Nigerian youths that the bank took their growth and development seriously.

“One thing that keeps me awake at night is how to create an enabling environment for our youths to grow,” Emefiele said. He advised them to stay focussed on their dreams for greatness, stressing that hard work, focus and commitment remained the key to success.

Our economic policies are in right direction, CBN replies el-Rufai on Vanguard News.


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