The Central Bank of Nigeria governor, Mr
Godwin Emefiele, in this interview with
the Financial Times of London explained
why he believes recent steps like cutting
off dollar access to importers of certain
key goods will enable him to avoid further
devaluing the currency - a strategy widely
criticised by the market, which believes
putting off another devaluation risks more
economic instability.
He justified restricting imports by saying
it would stimulate local production and
gave his views on the state of the parallel
market and liquidity. He also discussed
efforts by the country’s new president to
block leakages and recover stolen oil
revenues. Here are excerpts from Mr
Emefiele’s interview with the Financial
Times:

EdCure:
Good policy.
It will end the activities of the cabal and stop oil racketeering.

Sincere9gerian:

How much have you been buying your fuel? Since May 29, we've not been able to buy fuel at govt approved #87 in the whole of the south east. Prices fluctuates between #105 and 110. It seems we're back to the dark era (obj and yar adua era) when govt subsidized fuel for only Lagos and Abuja, while the rest of Nigeria should go and die

maximilian19:
It a good one, but when is like dat, did he consider the other side of it, like the increase in price of petrolume products??

seunmsg:


Before the general election when the fuel crisis was biting hard all over the country, you people came here and told us there was no fuel crisis in the south east. Your brothers told us they buy fuel at unsubsidised rate and they have no problem doing that. So, why are you now complaining?

On a more reasonable note, look to the greedy businessmen in your region who are selling the product to you at cut throat prices. Subsidy is paid on all petroleum product imported into the country by licensed importers irrespective of the parts of the country where the product will be sold.

gists:
For the past 2 or 3 weeks, it been an average of about 5 good news per week if not more.
This week is starting with yet another one.
wailer are free to hug the nearest transformer. They are now working!!
God bless PMB.

gists:
For the past 2 or 3 weeks, it been an average of about 5 good news per week if not more.
This week is starting with yet another one.
wailer are free to hug the nearest transformer. They are now working!!

God bless PMB.

Sincere9gerian:

How much have you been buying your fuel? Since May 29, we've not been able to buy fuel at govt approved #87 in the whole of the south east. Prices fluctuates between #105 and 110. Even NNPC Mega stations now hardly ever have fuel. It seems we're back to the dark era (obj and yar adua era) when govt subsidized fuel for only Lagos and Abuja, while the rest of Nigeria should go and die.

In the last regime, we bought fuel at govt approved prices for the most part, except during general fuel scarcity. Using public fund to subsidize fuel for only Lagos and Abuja, and maybe a few other cities, cannot be said to be fair. It's either the subsidy goes round, as much as possible or they scrap it entirely. And it is possible to go round because it went round in the last regime, just that govt will have to pay more for fuel subsidy because more volumes will obviously be needed. And it is virtually impossible for NNPC alone to supply the the volumes needed to stabilize supply across the nation

Jesusloveyou:
increase ke, that will reduce d price, no cabal will be importing fuel 140 naira again with d hope of getting double subsidy, if nnpc import with 100 naira,we will all know how much govt is paying for subsidy, that will reduce fuel price to less than 80 naira, before coming down to 60 naira when our refinery will be fully working,

janus05:
Be realistic bro. NNPC lacks the capacity to be sole importer of petroleum products.

EdCure:

Agreed, sometimes I buy fuel for 110Nara as well as the official price of 87. The price fluctuations is not so much a result of scarcity as it is a regulatory and monitoring challenges on the part of the FG (which is yet to stabilise its operations), and the fraudulent acts of the oil cabals and marketers.

You will agree with me that we have not faced any product scarcity since the crisis level that Jonathan plunged the nation into in the twilight of his administration.

And yes, the NNPC alone can handle the business of fuel importation for Nigeria. What is needed is proper management, patriotism and efficient leadership coupled with functional refineries which I believe will perform at optimal levels in a matter of weeks.

One of the cardinal lessons that is learnt from GEJ's misrule is the fact that the business of fuel importation is a national security issue which Nigeria cannot afford to leave in the hands of unscrupulous businessmen and racketeers.