Don’t panic over economy downturn – CBN urges Nigerians

The CBN also pledged henceforth, it will support more of local production of goods rather than financing imports. The CBN governor, Mr. Godwin Emefiele, gave the assurance yesterday in Lagos at a special interactive session with economic stakeholders.
The special session had the theme: The Nigerian economy in 2015: A review of recent developments in oil price and Nigeria’s foreign exchange market.
He said Nigeria’s current foreign reserve of $34 billion is sufficient to finance imports for a while thus there is no need for panic by importers and other forex users.
He cautioned those engaged in speculative foreign reserve acquisition, saying they would eventually lose huge monies if they don’t stop speculating.
He agreed that it is healthy for stakeholders to be worried about Nigeria’s economic situation but there is nothing to panic about.
Mr. Emefiele also expressed optimism that Nigeria will still grow at the projected 5.4 percent in 2015.
The CBN governor also ruled out the possibility of allowing the Naira’s value to be determined by the forces of demand and supply saying the CBN will continue to defend the naira with the current weak export capability of Nigeria.
Henceforth he said, the CBN will not give foreign exchange to frivolous imports to reduce pressure on Nigeria’s foreign reserve so the economy can grow.