By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: CBN Will Stabilise Naira in 2016 – Godwin Emefiele
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
Business

CBN Will Stabilise Naira in 2016 – Godwin Emefiele

Farouk Mohammed
By Farouk Mohammed
Published: December 21, 2015
Share
2 Min Read
SHARE

CBN1

Central Bank of Nigeria (CBN) Governor, Godwin Emefiele has said that the bank is working on measures to stabilize the naira in 2016 so as to boost the economy.

Emefiele made this revelation during an interactive session with some editors in Abuja. When asked to go into details, he said “Don’t ask me because I will not disclose our strategy for now,’’ adding that doing so would be counter-productive and per-emptive.

He advised importers to abide by the new rules which limit the importation of finished products and food to reduce the pressure on the nation’s scarce foreign exchange.

- Advertisement -

He said “CBN will soon start a nationwide campaign to sensitise Nigerians to items excluded from importation.

“This is part of efforts to save more foreign exchange and stabilise the nation’s currency. The solution to free fall of the naira is by controlling the demand for foreign currencies such as the dollar.

“If we are able to reduce importation, the demand for the dollar will fall automatically.’’

He urged public servants to engage in farming which according to him will help in sustaining our economy, he said “Public servants should also engage in farming because the only business public servants are allowed to engage in is farming. And you don’t need power to farm tomato, vegetables or fish.”

- Advertisement -

He added that “Our situation is not as bad as people think.

“When you devalue, there must be structural adjustment. We have never followed up with structural adjustment.

“So, the approach we are adopting at the moment is that, having done a 22-per cent adjustment in the currency, let us structurally adjust our position.

“Let us say, look, stop importing rice; stop importing toothpick; stop importing tomato from South Africa; stop importing 20 million eggs daily from Africa.

“We are saying Nigeria can do without these items. And the truth is that the reserves are no longer there.”

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:CBNGodwin Emefiele
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByFarouk Mohammed
Publisher
Follow:
Farouk Mohammed is a Head Editor at Okay Nigeria (Okay.ng). He has been publishing for 10 years and focused more on Local/World News on Okay.ng
Previous Article My 150 Minutes Encounter With Dare-Devil Robbers – Dele Momodu Writes
Next Article Kaduna Refinery Resumes Refining; to Start Petrol Trucking Before 2016

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Exchange Rate

Okay.ng Logo
Buy Rate ₦1,605.00
Sell Rate ₦1,620.00

Last updated: 4 days ago (June 3, 2025 2:33 pm)

Displayed rates are for informational purposes only and are subject to change.

USD/NGN Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

Pastor Adeboye
Pastor Adeboye Shares Divine Directive: Leaving RCCG Could Lead to Tragic Loss
News
Anglican Bishop of Lafia Calls on President Tinubu to Address Root Causes of Nigeria’s Insecurity and Economic Woes
News
Egbe Bobakeye Okunrin Akile Ijebu Refutes False Claims About Queen Elizabeth II’s 1956 Visit
News
NRC Managing Director Warns Against Railway Vandalism: “We Don’t Have Scraps, We Have National Assets”
News
Tragic Head-On Collision in Jigawa Claims Nine Lives, Dozens Injured
News
- Advertisement -
Ad imageAd image

You May Also Like

Sport

Victor Osimhen Returns to Nigeria as Al Hilal Transfer Hangs in Balance Ahead of FIFA Club World Cup

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 7, 2025
News

Tinubu Urged by PDP to Cut Fuel and Electricity Costs Amid Eid-el-Kabir Festivities

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 7, 2025
Mike Ejeagha
News

Mike Ejeagha, Nigerian Highlife Maestro, Dies at 95

Muhammad A. Aliyu
Muhammad A. Aliyu
June 7, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?