Central Bank of Nigeria Governor, Mr. Godwin Emefiele, explained to the Senate on Tuesday that some harsh monetary decisions taken by the United States and Nigeria’s over dependence on foreign goods were responsible for the continuous fall in the value of the Naira against major foreign currencies.
The Chairman of the Senate Committee on Media and Publicity, Senator Sabi Abdullahi, stated this when he briefed journalists at the end of the closed-door meeting with the CBN boss.
Emefiele was said to have stated that other factors like the declining commodity prices and the geo-political tensions along important trading routes were equally injurious to the naira value.
“He (Emefiele) touched on the global economy conditions in which he informed us that we are not immune from external shocks that are currently going on in the world. These shocks include the following: declining commodity prices, geo-political tensions along important trading routes and tightening of monetary policies in the United States of America.
“The Senate appreciated the need to support the various policies being formulated to strengthen the currency.”
Source : Gist Arena