CBN to freeze smugglers foreign accounts
GOVERNOR of Central Bank of Nigeria , Godwin Emefiele has stated that for Nigeria to overcome her financial crisis, there is a need to shift from conventional monetary policies.
Dr Emefiele stated this at a lecture in Ibadan, where he presented a paper entitled:” Up Against The Tide: Nigeria’s Heterodox Monetary Policy and the Bretton Woods Consensus”, during the distinguished leadership lecture series put together by the University of Ibadan.
He highlighted the policies to include neo-liberal and orthodox doctrines which were promoted by the International Monetary Fund, IMF.
Emefiele said that the tenets only emphasized price stability as the sole exclusive mandate of the Central Bank which could not lift the nation’s economy.
He also identified smuggling, poor electricity supply and insecurity as issues affecting establishment of indigenous companies.
The CBN Governor suggested using unconventional policy to fight smugglers, for example, freezing their foreign accounts and that of anyone that wanted to sabotage the efforts of the government.
Commenting on achievements recorded by banks in recent times, DrEmefiele attributed the success story to the adoption of heterodox macro economics.
He posited that the favorable outcomes and strengthening outlook of the Nigerian economy is traceable to the timorous adoption of non-traditional policy methods.
The CBN boss noted that much of the successes recorded by the CBN today is due to the adoption of heterodox macroeconomic policies.
“Within the CBN, our unconventional methods especially in the management of the FX market and our development financing supported by the orthodox approaches in form of timely adjustments of monetary policy rate have been able to optimally balance the delicate objectives of price stability and real output growth.”
He stated that the bank would continue to develop policy instruments and device ways of ensuring that an optimal mix of heterodox policies is continually deployed to engender the overall well-being and prosperity of the Nigerian economy.
Emefiele added that: “Our overall aim remains the concurrent attainment of price stability, real growth, full employment and poverty reduction.”
He also hinted that the pace of population growth at about 2.6 per cent still outstrips real growth rate while inflation is outside tolerance band. “Unemployment rate and incidence of poverty remain at unacceptable levels.
The CBN governor further said that the apex bank had been able to reduce inflation, build Nigeria’s Foreign Exchange reserves, maintained Foreign Exchange market stability and foster real growth.
Speaking during the event Vice Chancellor ,University of Ibadan, Prof Able Olayinka, commended CBN for maintaining stable prices thereby promoting economic growth.
Also speaking chairman of the event, Prof Sam Olofin urged government at all levels to implement people-friendly policies to stabiles the nation’s economy.
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