“We must moderate our demands for forex. Where there are opportunities to substitute locally, so we should,” Yemi Cardoso, Nigeria’s Central Bank governor.
“No please! Let’s concentrate on boosting supply not controlling demand. We can’t really control demand in the near term without once again widening the FX gap and worsening confidence. Anytime we try to forcefully control anything it often leads to an increase in its price” – Yemi Kale, former Statistician-General of the federation, Nigeria
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They’re both jointly right based on the economics of price movement. But this is happening because Nigeria’s apex bank is not sharing its working papers, choosing to be giving directives and circulars to the banks, and the citizens. It is very unfortunate, and has been like this since 2016.
When you make policies without data, it is all guesswork. I repeat again, CBN, share some of your working papers so that our professors in Nigeria can deepen and improve whatever you are doing.
In 2015, CBN shared about 7 working papers. Since that date, none has made it to the public domain. Before, you could get dozens of working papers yearly. I call the new CBN boss to return this public service for the good of Nigeria – and Naira.
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Did Nigerians suddenly and magically develop taste for foreign goods and services? This mediocre and pitiful leadership standard we have set for ourselves in this country, now it’s about explaining away failures or urging people to reduce consumption. Is this the best we can come up with or our best are still in the works?
Their oga went to France to camp for two weeks, but it’s ordinary Nigerians that don’t even know road to airport that are constantly being asked to adjust. The leaked memo was that they voted a lot of money to inaugurate a committee that will discuss how much workers will earn. Yes, you need to spend tons of money to discuss wage increase, and they expect us to take them seriously anytime soon.
Nigerians eat local rice; Nigerians eat local chicken; Nigerians drink local juice; Nigerians build with local cement. What is is it that is produced in large quantities here in Nigeria that is not patronized by Nigerians? We just keep repeating the same old lies, because it’s a fact-free land.
Nigeria remains an orphan, everyone pretending to help is there to finish her off. Funny creatures everywhere.
We all know our demand in this country we all know what’s being imported the truth is nothing being produce in Nigeria is up to capacity I repeat nothing is up to capacity not refined oil not gas not food not materials for building homes while the CBN should be transparent in our forest demand I think trying to control the forest is stupid those funding should be spent in boosting local production not subsidizing import