Business & Finance

Foreign exchange policy is yielding substantial results – Emefiele

The Nigerian Goverrnment has assured its citizens that the current policy on foreign exchange is yielding a substantial result that is in the interest of the country, and beneficial to every Nigerian.

Governor of the Central Bank, Mr. Godwin Emefiele gave the assurance on Wednesday while fielding questions from Senators during a screening session ahead of his confirmation for the second term of five years in office as the apex bank Governor.

Mr. Emefiele, while admitting that multiple windows presently exist in the foreign exchange market, also confirmed that the commercial banks have been directed to meet the demands of Nigerians in their various categories based on their needs for foreign exchange.

He however allayed the fears of the Lawmakers that multiple exchange rates exist in the country irrespective of the approved rate by the Federal Government.

The CBN Governor whose initial five year tenure expires next month, appealed to Nigerians no matter how highly placed, to cultivate the culture of respecting and obeying every policy of the government, which he said, were designed to serve the interest of all Nigerians.

Mr. Emefiele also warned that the next five years would be tougher than the previous experience, stressing that the actions of the present government are deliberately carried out not only for the present day Nigeria but also to leave lasting legacy for the future generations.

Meanwhile, Chairman of the senate committee on Banking, Insurance, and other financial Institutions which conducted the screening session, expressed satisfaction at the performance of Mr. Emefiele, assuring him that the committee will ensure expeditious consideration of the report by the senate in plenary for his confirmation.

Source: Voice of Nigeria