By Christel Odili
The Central Bank of Night (CBN), has said that the implementation of its restriction order on the 41 items is a delibrate act to Forestall the level of the country’s Dwindling Foreign
Reserves. This is as it stated that Nigerians continuous consumption of foreign goods is detrimental to the nation’s domestic economic realities.
The CBN Governor, Mr. Goodwin Emefiele disclosed this while declaring open the 26th Edition of the Seminar for Finance Correspondents and Business Editors, with the theme, “Monetary Policy Implementation Admist Global Economic Protectionism today in Lokoja.
Mr. Emefiele noted that, the theme of the seminar is relevant considering the implication is relevant, of protectionism and the challenges it poses to the effective implementation of monetary policy, stating that it is not only apt, but timely, considering the recent global developments in international trade.
According to him, the policy was aimed at stimulating the domestic economy in order to enhance domestic production and protect local industries from undue foreign competition and take-over, there-by lifting the country out of recession.
While citing the success recorded in the area of import reduction, particularly in rice, in addition to other policy actions of the Bank, he admonished Nigerians to support the policy on 41 items in order to further reduce pressure on the Naira.
His words, ” once it’s done we believe our citizens would better appreciate the laudable efforts made by the Monetary authorities in improving the lives of Nigerians through monetary Policy initiatives”.
He also advised that Nigerians should see the policy as an opportunity to change the structure of the economy, resuscitate local manufacturing, and expand job creation for Nigerian citizens.
Emefiele further urged the journalists to continually enlighten their respective audiences on the importance of the subject of economic nationalism to enable citizens better appreciate the efforts of the CBN in improving their lives of Nigerians through its monetary policy initiatives.