The Governor of Central Bank, Godwin Emefiele, has been battling with a free-falling Naira since 2015. Amid this free-fall, the Apex bank continued to
The Governor of Central Bank, Godwin Emefiele, has been battling with a free-falling Naira since 2015.
Despite the vow by President Muhammadu Buhari in 2015 that he will not devalue the Naira, the currency has been in free-fall mode, and drastic actions by the CBN has failed to address speculators and high demand for the dollar particular during the slump in the price of oil in the international market.
Dr Sessan Adeniji, an economist at the Department of Economics, University of Abuja, said the government is “doing trial and error” with monetary policy. “The response of prices will be instantaneous, particularly on items like electronics, because sellers will anticipate an increase in the cost of importing new items.”
”Before you carry out any policy, it is expected you put a few things in place. Putting this policy out, what are the regulations put in place to regulate prices? Inflation in Nigeria stands at 17.75% in the month of July and scarcity of FX in the parallel market could lead to higher demands and the resultant effect on commodities.
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