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: Why The Naira Is On a Free Fall – CBN Governor, Godwin Emefiele Explains
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
BusinessNews

Why The Naira Is On a Free Fall – CBN Governor, Godwin Emefiele Explains

Farouk Mohammed
By Farouk Mohammed
Published: August 14, 2016
Share
3 Min Read
SHARE

Emefiele-CBN

The Central Bank Governor Godwin Emefiele has explained why the Naira is on a free fall.

He said the country’s currency depreciated against the Dollar because the nation has nothing to export except oil.

Emefiele disclosed this during a career talk organised for the teenagers of Redeemed Christian Church of God (RCCG) at TEAP school, Abuja.

- Advertisement -

He spoke in response to a question by one of the teenagers.

He said over dependence on oil contributed largely to the current situation, stressing that when the oil falls, the naira falls.

The CBN Governor further stated that the only way out was to diversify the economy, which the federal government has commenced.

Emefiele, who was represented by his deputy, Sarah Alade, emphasised that the nation would grow economically when it produces, have more things to sell and export to earn dollars.

- Advertisement -

His words: “Our currency is naira but there are lots of things we buy but we cannot use the naira.

“We have to use dollars but do we earn dollar? We earn dollar when we have something to sell to people who have dollar so we can gain in Naira.

“In Nigeria, the only thing we have is oil. So when the prices of oil fall, everything falls.

“We then have less dollars and in that case, those who want the dollar will then need more naira to be able to meet the demand.

“Those who did economics will know that the price is determined between supply and demand.

“So if the supply for dollar is very low and the demand for dollar is high, the price of naira will be low.

“So as a country, we should have more goods to sell and export so that we can have enough dollars for supply and the naira can grow.”

He encouraged youths to embrace entrepreneurship skills to create jobs and export goods.

Emefiele said that was why CBN set aside N220 billion to support youths and ultimately diversify the economy.

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:CBNGodwin EmefieleNaira
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 President Buhari Salutes Victorious Olympics Football Team (READ)
Next Article Okah Brothers Sue Jonathan for N5 billion

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?