Monetary policy alone can’t reset economy

The Central Bank of Nigeria (CBN) Governor Godwin Emefiele, has said that for monetary policies to work, Nigeria’s economy must be supported with the non-oil sector.Information Guide Nigeria

The CBN boss spoke this yesterday at the third Bi-Annual Non-Oil Export Summit in Lagos with theme: “RT200: Challenges and Prospects to Success”.

According to THE NATION, Emefiele said that countries all over the world are turning to export earnings and proceeds repatriation to bolster foreign reserves, maintain a robust balance of payments and a stable source of foreign exchange inflows.

He admitted that the challenges facing Nigeria are many and evolving and threatened to sanction shipping companies exporting cargoes without proper documentation.

As reported by THE NATION, the challenges, he noted, require the enactment of unconventional, innovative, supportive and complementary macroeconomic policy actions that are inclined towards a market-based financing system.

He noted that the time has come for all to work together and return Nigeria to the path of a sustainable growth trajectory by taking diversification of the economy seriously.

The CBN boss mentioned the Naira-for-Dollar and RT200 initiatives as some of the measures adopted by CBN in that direction to drive long-run economic development.

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According to him, the RT200 programme has made good progress in export proceed repatriation since its establishment in February last year.NYSC Portal

He added, “Available data shows that repatriation due to the programme increased by 40 per cent from US$3.0 billion in 2021 to US$5.6 billion at the end of 2022. The momentum for 2023 is equally showing strong numbers and impressive prospects.”

THE NATION reports that he ruled out rebate for proceeds not sold at the I&E window, adding that names of exporters who get the rebate will henceforth be published.

Emefiele said: “So, we encourage holding their export proceeds in their domiciliary accounts to take advantage of the rebate by selling at the I&E Window. We are committed to strengthening and expanding foreign exchange supply into the market.

“Naturally, you all are important in this clarion call of expanding the supply of foreign exchange inflow into the economy. For the exporters flying the flag of Nigeria in the international market, the Bankers’ Committee and the CBN will partner with you to achieve your goals.

“You can benefit from the many financial programmes introduced by the CBN through your bank and as such grow your business exponentially.”

Emefiele warned that any nation that consumes more than it produces and imports more than it exports is destined to fail because its development will be hampered.

“There is no better time than now to synergise for the benefit of our nation, as we implement a coordinated policy agenda that will support the economy and improve the economic activities,” he added.JAMB Result

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