Nigeria should choose any one of the world’s leading economies, learn how that country manages its national currency, adapt same and flourish. Editorial Nigeria Naira
When he gave the open directive to the Central Bank of Nigeria not to “give a cent to anybody to import food into the country,” President Muhammadu Buhari thereby served notice of discontinuing that economic policy. It occurred on the occasion of the Eid-el-Kabir homage by state governors of the All Progressives Congress.
The objectives of the policy are to be put in proper context: to encourage local production of the affected items, resuscitate domestic industries, improve employment generation, help stabilise the forex market and conserve foreign reserves. No doubt that these are good directive principles of economic policy. But it must be stated that the scope of the policy and measures for its effective implementation extend beyond the monetary responsibility of the CBN.
At this juncture, note that technically because there is no ban on importation of the listed items, bringing them in is not considered to be smuggling. Nonetheless, their importation amounts to frittering away Nigeria’s hard-earned foreign exchange. Two, behind the dam of withheld Federation Account dollar allocations, there is a vast and swelling artificial lake of the country’s hard-earned forex that is devoted to subjugating the national economy in diverse ways.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Your home bar as comfort zone | The Guardian Nigeria News - Nigeria and World NewsYour home should be a comfort zone where you create everything you need and have it all, anything less, may not exactly be a home. The apt understanding of the fore is why some people are eager to get back home....
Read more »
D’Tigers inch closer to Tokyo 2020 olympics | The Guardian Nigeria News - Nigeria and World NewsNigeria’s male basketball team, D’Tigers, made another impressive performance yesterday, as they defeated their fierce West African rivals, Cote D’Ivoire, 83-66 points in their first classification game at the ongoing 2019 FIBA World Cup in China.
Read more »
Evangelist urges UN to stop xenophobic attack | The Guardian Nigeria News - Nigeria and World NewsRenowned evangelist and philanthropist, Rev. Esther Ajayi, has called on the international community to put an end to xenophobic attacks on foreign citizens in South Africa.
Read more »
Bauchi government warns commissioners against indolence, corruption | The Guardian Nigeria News - Nigeria and World NewsBauchi State Governor Bala Mohammed has warned his commissioners to avoid indolence, while informing them of the tasks ahead, claiming that his administration “inherited impotent government machineries, corruption and cluelessness”.
Read more »
Buhari, Atiku mourn Mugabe | The Guardian Nigeria News - Nigeria and World NewsAs tributes continue to pour in for former President of Zimbabwe, the Late Robert Mugabe, who died yesterday, President Muhammadu Buhari has commiserated with family members, friends and political associates of the political activist.
Read more »
Osinbajo calls for coordinated approach against infectious diseases | The Guardian Nigeria News - Nigeria and World NewsVice President Yemi Osinbajo has called for a coordinated approach to tackle infectious diseases in the country.Speaking at the international conference on Global Health Security organised by the Association of Medical Laboratory Scientists of Nigeria....
Read more »