According to Mr. Godwin Emiefele, the Governor of the Central Bank of Nigeria (CBN), the decision made by the Central Bank to limit access to the foreign exchange official window for the importation of 41 items was decided with the interest of the Nigerian economy at heart.
The CBN Governor made this known in Lokoja, Kogi State when he was called upon to declare open the 26th Seminar of Financial Correspondents and Business Editors. He also said that the new policy has made available many opportunities for local manufacturers.
Mr. Godwin Emiefele was represented by Mr. Moses Tule, the Director of the Monetary Policy Department of the CBN. He also revealed that the currency swap agreement made with China has brought about various prospects and export opportunities to China for manufacturers in Nigeria without difficulty as they no longer need the dollar to export to China.
Also, he said that the adoption of the policy on the 41 items which he logically described as not needed drains on Nigeria’s foreign exchange reserve has really contributed in bringing out the country’s economy from recession. He mentioned the increase in the real Gross Domestic Product (GDP) and growth of reserves as proof of success.
While addressing the theme of the seminar, ‘Monetary Policy Implementation Amidst Global Economic Protectionism’ he stated that the selective protection policy on the restriction of foreign exchange to certain imports was duly implemented with the aim of reversing the various challenges of reducing foreign reserves, reducing GDP-recession and also the humiliating increase in the rate of unemployment that was present in the Nigerian economy.
He further disclosed that the implementation of the policy is also targeted at inducing Nigeria’s local economy in other to enhance local manufacturing and also guard the local manufacturers from the too much foreign competitions and possible acquisitions.