Central Bank of Nigeria Governor, Mr. Godwin Emefiele, yesterday defended the apex bank’s managed-float exchange rate system. According to him, it was adopted to address the peculiar challenges the country faces. He also said that he was focused on his job and remains committed to supporting the fiscal authorities in ensuring that the country surpasses the 3.4% GDP for 2022. This had been predicted for Nigeria by the International Monetary Fund (IMF).
The President of the World Bank Group, Mr. David Malpass, said there was need for Nigeria to do away with its multiple exchange rate system. Stating that it is not as effective as it would be if there were a single exchange rate. To answer a question on this, Emefiele stressed that different countries have different challenges. And must develop solutions that would help address their challenges.
He, noted that as long as the demand for forex exceeds the supply, the challenge would persist, saying, “we are doing everything possible to restructure the base of the economy through some of the policies that we have put in place to deepen the production of goods in Nigeria.
