Nigeria’s Economy Still Strong- Emefiele Tells Senate
The Governor of the central bank of Nigeria, Mr Godwin Emefiele told the Senate on Tuesday that notwithstanding the suffering and inflation in the country that the Nigerian economy has managed to remain strong.
The CBN governor was questioned for 2 hours on Tuesday 19th July 2016 by the senate.
The Senate President, Bukola Saraki, told newsmen yesterday that “Emefiele came to brief the legislature on the new foreign exchange management policy, the need to grow and diversify the economy as well as the issues with some of the commercial banks.
“Thereafter, he answered questions from the distinguished senators on some topical and national economic matters. This is the true reflection of what transpired at the closed-door session.
“In view of the above, the governor of the CBN presented a comprehensive and lucid account of the performance of the Nigerian economy in the last one year.
“His presentation began with current global economic conditions, which have been characterised by external shocks, including the sharp decline in commodity prices, the geopolitical tensions along important trading routes, and tightening of the monetary policy in the United States of America.”
“The governor’s presentation also gave us an insight into the bank’s decisions in the foreign exchange market and the rationale underlying the recent re-introduction of a flexible exchange rate mechanism in Nigeria.
“He also delved into the health of the financial system and discussed the bank’s detailed examination of financial institutions, as well as its zero tolerance for insider dealings by boards and management of Deposit Money Banks.
“In summary, the governor declared that the strategic health of Nigeria’s financial system is still strong at this time.”
After the closed door session, The Deputy Chairman, Senate Committee on Media and Public Affairs, Senator Ben Murray-Bruce, hinted that the minister of finance, Kemi Adeosun is next in line for grilling on the state of the economy.