Hands-off fiscal policies, let Naira find its level, ADP tells Emefiele

The Action Democratic Party, (ADP) has called on the Governor of  Central Bank of Nigeria, Godwin Emefile to hand off certain fiscal policies to ensure the stability of the Naira.

National chairman of the party, Engineer Yabagi Yusuf Sani in a statement he particularly signed enumerated Anchor  Borrowers Programs and the ban on import items, as some of the fiscal measures.

The ADP chairman further admonished the CBN to jettison its policy of “managed-float exchange rate” and allow Naira to find its level as being espoused by the IMF and other international financial bodies.

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The statement read in part:” The Action Democratic Party, ADP commends the 5-year policy direction plan of the Central Bank of Nigeria. However, ADP admonishes Emefile to hands-off fiscal policies such as Anchor Borrowers Programs, ban on import items, increase in Palm Oil and Cotton production in order to free itself of political influence in its day-to-day operations.

“Rather,  CBN should focus on Monetary Policies as stated in the CBN Act, namely: maintenance of the external reserves of the country, promote monetary stability/sound financial environment, act as a banker of last resort and financial adviser to the federal government while remaining aligned with the nation’s long-term policy goals.

“Furthermore, ADP is of the strong opinion that the CBN should at this point in time jettison its policy of “managed-float exchange rate” and allow Naira to find its level has been espoused by the IMF and other international financial bodies.

” In conclusion CBN should disclose to Nigerians how much the “managed-float exchange rate” as subsidy in support of Naira has cost the nation thus far and the cost benefits of retaining it.”