Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says the restriction of forex supply on 41 items including rice and toothpicks helped in lifting the economy out of recession.
Addressing journalists on Wednesday at the opening ceremony of a seminar for finance correspondents and business editors in Lokoja, he said the policy helped in reversing the multiple challenges of dwindling foreign reserves.
“In today’s world, countries have used trade protection repeatedly as a policy to resolve negative perceptions and shocks in their respective countries,” the governor, who was represented by Moses Tule, director of CBN’s monetary policy department, said.
“In other words, should Nigeria, with an insatiable taste for foreign goods to the detriment of the domestic economic realities, throw its borders open to the indiscriminate importation of goods and services?
“This…
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