Nigeria’s embattled Central Bank Governor Godwin Emefiele, shocked markets with a surprise rate hike this afternoon.
We have enumerated severally our belief at Nairametrics that Emefiele should resign or be fired for destroying the credibility of the CBN.
In another bizarre move during questioning after the MPC press briefings, Emefiele said the major way to increase FX supplies for Nigerian Businesses hit by dollar shortages was to hope for a rise in oil prices.
According to Emefiele:
“We are hoping that with time we can improve supply of dollars as oil prices rise. We will come up with something acceptable in due course regarding a new Foriegn Exchange policy.”
Of course the CBN has just reversed course by tightening (CRR to 22.5%, MPR to 12 %) after easing monetary policy in November an admission that its policies are not working like we have been pointing out.
Now the CBN is also admitting it has no plan except hunker down while the economy burns and hope all prices rise!!
What is your problem with Emefiele this writer, what is it really.
Can you specifically tell us what exactly you want from him?
Is Emefiele responsible for your thirst for foreign-made goods?
is Emefiele responsible for the commercial banks not wanting to lend to the real sector, even after bringing down MPR to persuade them?
Is Emefiele responsible for the sick cultural attitude of most Nigerians of not wanting to pay back the loans they walked to the bank to request for and accept the terms? (The reason why banks are afraid of lending to just any real sector player)
Is Emefiele in charge of fiscal policies that will improve power supply drastically and improve transport system so local products can become more competitive and perhaps then some Nigerians will begin to go for made in Nigeria goods?
is Emefiele in charge of passing your 2016 budget?
is Emefiele responsible for looting billions of dollars in NNPC and others that Sanusi blew whistle for?
You Nigerians are never satisfied with the right thinking people like you have at this point. Instead of channeling your anger towards your so called Honourables who are not Honourable in the actual sense of it, it is as usual the easier prey to hold on to that you are looking for.
For your information I am Oluyemi and so not from Emefiele’s state or region, I am a Nigerian, South West by birth and origin (before some people begin to trivialize this), but for goodness sakes, leave Emefiele alone. He is doing his best to ensure Nigeria becomes less import-dependent and more productive.