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Nigeria Will Not Depreciate Its Currency Now - new CBN Governor

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flukky01:
The Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele, on Thursday said Nigeria would not consider the option of depreciating its currency at this time.

Emefiele made this know when he unveiled his vision for the apex bank at a media briefing in Abuja.

He said until the nation was able to look into some of the structural problems that had made its imports as high as it was today, "then we can consider depreciating our currency.

"It is not possible for us to talk about depreciating our currency until we are able to look into some of the structural problems that have made our imports to be as high as it is today.

"Nigeria is a predominantly poor dependent economy where we import practically everything.

"We need to look at how we can begin to produce some of these goods that we know we can produce locally.

"When we are able to transform ourselves from being an import-dependent economy to an export-oriented economy, then we can begin to look at the advantages of depreciating our currency," he said.

On the Primary Mortgage Institution, Emefiele said the CBN was part of the major stakeholders that were working on the mortgage refinancing programme.

http://allafrica.com/stories/201406060624.html

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