Godwin Emefiele, Governor of the Central Bank of Nigeria, has stated that the apex bank is focused on reducing Nigeria’s demand for foreign exchange to grow the economy. Emefiele, while acknowledging the roles of the IMF and World Bank in advising economies around the world, Nigeria inclusive, stressed that the nation would never adopt the free float of Nigeria’s currency.
Governor Emefiele listed the ways in which CBN had worked in reducing demand for dollars, which included the stoppage of forex for the importation of rice and maize and support for the development of the Dangote refinery, which is expected to reduce demand for foreign exchange for imported petroleum products when it comes on stream.