Senate backs Emefiele, says CBN policies in Nigeria’s interest

The senate has expressed support for the monetary policies of the central Bank of Nigeria, saying they are geared towards diversifying the nation’s economy, stimulating local production of commodities and creating jobs.

Speaking with journalists at the national assembly complex in Abuja after an executive session with Godwin Emefiele, CBN governor, Abdullahi Sabi, senate spokesman, said that the upper legislative chamber was convinced after listening to the CBN governor that the apex bank was on the right course.

The CBN, among other polices, had initiated a policy stopping the sale of dollars to Bureaux De Change (BDC) – an issue that is agitating the minds of Nigerians.

But on Tuesday, the senate, through its spokesman expressed satisfaction with the policy.

“The analysis by the CBN showed that Nigeria is not doing badly in many macroeconomic indices, when compared to its peers,” Sabi said.

“After the presentation, many distinguished senators asked a host of pertinent questions and raised issues concerning the health of the banking system, the stoppage of sales of foreign exchange to BDCs, gradual rise in inflation, fall in foreign exchange reserves, exclusion of some items from access to foreign exchange, and policy coordination between the fiscal and monetary authorities.

“Following an exhaustive response by both the governor and his team, the senate acknowledged that these are indeed difficult times all over the world and not just in Nigeria.

“The senate also acknowledged the pains that many people may be facing at this time, especially in the light of shortages of foreign exchange for legitimate business.

“But having carefully considered the policies of the CBN, the senate would like to commend and support these policies because they are mostly geared towards increasing local production, creating jobs here in Nigeria, safeguarding our commonwealth, and expanding economic opportunities and growth in Nigeria.”