Oby Ezekwesili Blasts CBN Governor Emefiele For Fixing Exchange Rate

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Former vice president of the World Bank, Mrs Obiageli Ezekwesili has criticized the policies of the Central Bank of Nigeria (CBN) under the leadership of Mr Godwin Emefiele.

Ezekwesili, a former member of the federal executive council, condemned the CBN for pursuing what she described as an “anachronistic exchange rate management” which she said also actively rewards corruption.

Accusing the CBN Governor, Emefiele of doing more damage to the Nigerian currency in a bid to pander to political emotion, Ezekwesili advised that the most honourable path for the CBN in the present situation is to accept that it made the wrong decisions and reverse its steps.

The former minister noted that Russia, another major oil-producing state, has not been badly affected by the plummeting crude oil price because the Central Bank of Russia ceased fixing the exchange rate of the country’s currency when it was faced with empirical evidence of the futility of doing such.

Besides criticizing Emefiele’s decision to fix the exchange rate, Ezekwesili also gave her opinion of what she believes the foreign exchange rate should be.

The exchange rate should be the ratio between the demand for foreign currency and its supply in the FX market". 

Ezekwesili further challenged the CBN to organise a public debate on its exchange rate management policy in the new year so that the apex bank can take public input into its policy formulation process.


 

Posted on December, 22 2015

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