Business & Finance

CBN Replies El-Rufai Over Economic Policies


Central Bank of Nigeria (CBN), over the weekend reiterated that its current economic policies are in the right direction to rescue the dwindling economic situation in the country.

The Governor of CBN, Mr Godwin Emefiele faulted critics of the apex bank’s policies, saying they are operating the best policies needed to address the present economic crisis in Nigeria.

Recently, Governor of KadunaAhmed El-Rufai had criticised the CBN over the sad state of Nigeria’s fiscal regime, saying that the bank’s 14 per cent monetary policy rate has led to unprecedented job losses in the country.

The CBN’s Monetary Policy Rate (MPR) had been increased from 12 per cent to 14 per cent.

Emefiele, who stated this at Redeemed Christian Church of God (RCCG), The Everlasting Arms Parish, Garki, Teens’ Career Conference, in Abuja, stressed that the bank’s policies at present remain the best option to Nigeria’s ailing economy.

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He was represented by CBN Deputy Governor, Economic Policy, Dr Sarah Alade.

According to him, “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 that we can earn more dollar, we can have more export”, the CBN Boss said.

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