Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, has defended the apex bank’s managed-float exchange rate system, stressing that it was adopted to address the peculiar challenges the country faces.
In addition, Emefiele, reiterated that he was focused on his job and remains committed to supporting the fiscal authorities in ensuring that the country surpasses the 3.4 per cent Gross Domestic Product (GDP) for 2022, that had been predicted for Nigeria by the International Monetary Fund (IMF).
This was just as the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, yesterday, expressed optimism that once the Dangote Refinery becomes functional, the burden of petrol subsidy would be lifted from the country.
They both spoke during an interview with journalists on the sidelines of the IMF/World Bank Spring Meetings in Washington DC, United States of America.
The President of the World Bank Group, Mr. David Malpass, had on Wednesday, said there was need for Nigeria to do away with its multiple exchange rate system, which according to him was often, “complicated and is not as effective as it would be if there were a single exchange rate.”
