Central Bank of Nigeria, CBN, Governor, Godwin Emefiele, has reacted to commens on foreign exchange policies by the Emir of Kano, Sanusi Lamido Sanusi.
Sanusi, a former CBN Governor, had at the 15th Joint National Council on Development Planing meeting in Kano, criticized President Muhammadu Buhari’s endorsement of CBN’s foreign exchange policies, adding that it encourage corruption.
Speaking at the National Institute for Policy and Strategy Studies (NIPSS), shortly after he delivered a lecture titled “Managing Monetary Policy in Turbulent Time,” the CBN governor said it was better to provide creative advice that would help the economy than sitting back criticising.
Emefiele said: “It is easy to criticise from outside but my advice is not to sit back in a garden and call press men and begin to raise criticisms that are untrue and unsubstantiated.
“We need advice of former CBN governors, there are channels they can use but not sit in their garden and call pressmen to raise criticism and say what is not true.”
The CBN governor advised Nigerians to look inwards in order to come out of the present economic predicament.
He lamented that Nigerians spend about £2 billion on their children studying abroad at the detriment of the the nation’s educational sector.
Emefiele further blamed the elite who preferred imported materials to local ones for the current crisis, and wondered why CBN is often condemned whenever it takes decisions to reposition the economy.
“When you introduce a new policy and people do not complain, then that policy is not working. But when policies are introduced and people are shouting and complaining, then the policies have reached the right place.
“It means the policy is working. We should not use our hands to destroy ourselves, we should not use our hands to kill ourselves,” he said.
Comments