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. 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. 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. ” 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.”

Source: Nigerian Tribune June 26, 2019 13:52 UTC