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Cbn Faults El-rufai, Insists Its Economic Policies Are Best For Nigeria’s Present Challenges

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SAN FRANCISCO, August 13, (THEWILL) – The Central Bank of Nigeria, CBN, has faulted critics of its economic policies, insisting that they are in the right direction and are targeted at rescuing the dwindling economic state of the country. The bank maintained that it is operating the best policies needed to address the present economic crisis in Nigeria.

Governor Nasir El-Rufai of Kaduna State had recently criticised the CBN over the poor state of Nigeria's fiscal regime, saying that the bank's 14 per cent monetary policy rate, MPR, has led to unprecedented job losses. He spoke after the monetary policy committee of the apex bank increased the MPR, otherwise known as interest rate from 12 per cent to 14 per cent.

But speaking at the Redeemed Christian Church of God, RCCG, The Everlasting Arms Parish, Garki, Teens' Career Conference, in Abuja, Emefiele stressed that the bank's policies at present remain the best option to Nigeria's ailing economy.

Speaking through the CBN Deputy Governor, Economic Policy, Dr Sarah Alade, Emefiele said: “At this moment, what we are doing is what is best for the economy. The concern even in this hall has been the slide in the naira.

“And I have told you, I did answer the question by saying that we also need to ensure that we diversify the economy, so that we can earn more dollar, we can have more export.

“And this, we are also supporting the efforts of the government, once we are able to do this; we would then be able to earn the interest rate that people want. At this particular time, to be able to get out of the situation we are in, we need to have the decisions we have taken at the right time.

“The Monetary Policy Committee considers all these factors before we take decisions and we will do what is right for the economy. Whatever policies we need to take to ensure that the economy comes out stronger, we do it and at the right time.”

The apex bank boss assured Nigerian youths that the bank takes their growth and development seriously, adding that “one thing that keeps me awake at night is how to create an enabling environment for our youths to grow.”

He advised them to be focused on their dreams for greatness, stressing that, hard work, focus and commitment remain the key to success.