Central Bank of Nigeri (CBN) governor, Mr. Goodwin Emefiele has insisted that their are no plans for the CBN to devalue the Naira in order to save the ailing economy.
Emefiele said that the Bank has had to depreciate the currency from N155 to N197 in February, recalling that even President Mohammdu Buhari and Vice President Yemi Osinbajo had also re-echoed the position of the CBN.
Emefiele however stated that the CBN would soon launch a policy called PAVE meaning “Produce locally, add value and export your product and earn your foreign exchange for your imports” to help local industries.
He spoke to State House Correspondents after a meeting on the economy with the Vice President, Yemi Osinbajo at the presidential villa on Friday.
He said: “There has been a lot of talk on whether or not we want to depreciate our currency again.
The truth is that we had adjusted the currency by depreciating it from N155 to N197 in February this year.There is no intention to depreciate or adjust the currency any longer.
“The President has been very clear on this. The Vice President has been very clear on this and let me further reiterate our position at the Central Bank of Nigeria that we are not considering any further depreciation of the currency.
“What we are trying to concentrate on right now is how to improve and deepen the foreign exchange market by improving supply of foreign exchange into the market.
“And to do so, we are trying to encourage people to export and earn your export proceeds and use your export proceeds to import whatever you need to import.
“We are also concentrating on how to reduce the import of items that we can produce in the country today.
“So that is our focus. I’m saying and very soon the CBN will be launching a campaign called PAVE, which means “Produce locally, add value and export your product and earn your foreign exchange for your imports’’ because this is the only way we can support the efforts of CBN in intervening and providing foreign exchange in the market to meet the import needs of our people.
“It is very clear, what we need to do is reduce our propensity to import but we will not depreciate our currency. For now we will not.”
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