In the wake of the economic crisis in the country, experts and non-experts have called on the CBN to come up with solutions to reverse the contraction of the nation’s economy. However, speaking at the opening ceremony of the retreat by the Fiscal Liquidity Assessment Committee in Abuja on Thursday, Governor of the CBN, Godwin Emefiele said that the CBN had done all it could with regard to monetary policies to stimulate economic recovery, admitting the problem lies outside that purview.
‘Monetary policy had under the circumstances rose to the occasion, deploying fully all the conventional and non-conventional tools in its purview. However, as you will know, the conditions that precipitated the economic crisis are structural, with antidotes that lie mostly outside the domain of monetary policy.’ Punch reports Emefiele as saying.
He said that circumstances beyond the control of these monetary policies were to blame for the lingering economic crisis. He cited examples such as plummeting oil prices, energy shortages and hikes in the prices of energy, depressed consumer demand resulting from weak fiscal spending, and spate of militant attacks as well as insurgency as some of these circumstances.