Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, has reiterated that the apex bank will not devalue the Naira again.
Instead, the government will launch a different program as it moves to revive the country’s ailing economy.
“What we are trying to concentrate on right now is how to improve and deepen the foreign exchange market by improving supply of foreign exchange into the market,” he said according to Daily Trust.
“And to do so, we are trying to encourage people to export and earn your export proceeds and use your export proceeds to import whatever you need to import.
“We are also concentrating on how to reduce the import of items that we can produce in the country today.
“So that is our focus. I’m saying and very soon the CBN will be launching a campaign called PAVE, which means “Produce locally, add value and export your product and earn your foreign exchange for your imports’’ because this is the only way we can support the efforts of CBN in intervening and providing foreign exchange in the market to meet the import needs of our people.
“It is very clear, what we need to do is reduce our propensity to import but we will not depreciate our currency. For now we will not.”
