Ngozi Okonjo-Iweala - a former Nigerian finance minister who
was appointed director-general of the WTO this month - said on Monday, during a
visit to her home country, that some WTO members had expressed concerns about
its foreign exchange management.
Africa's largest economy and top oil exporter, which was
grappling with low growth before the pandemic hit demand for crude, exited
recession in the fourth quarter of 2020, although the economy shrank overall in
2020.
The central bank, seeking to conserve its dollar reserves,
has curbed access to the interbank market for a wide range of importers, hoping
to boost local production. Since 2015 it has maintained a multiple currency
regime to manage pressure on the naira.
Central bank governor Godwin Emefiele held talks with
Okonjo-Iweala on Tuesday, shortly after new data showing that inflation hit a
four-year high in January, and a third of workers were unemployed in the last
three months of 2020.
"Godwin Emefiele says Nigeria needs to be given a
chance to reset and diversify its economy, just as he reiterated the
determination of the CBN (Central Bank of Nigeria) to address identified
deficiencies in the Nigerian economy," the bank said in a statement after
the meeting.
Nigeria relies on crude oil sales for around 90% of foreign
exchange earnings.
"Mr Emefiele said Nigeria's position on trade was
necessitated by the drive to protect local industries to create jobs and
employment," the central bank added.
It said Emefiele had cited stimulus packages and the
restructuring of loans as measures used to reduce the impact of the coronavirus
pandemic.
.jpeg)
.jpeg)
.jpeg)
0 comments:
Post a Comment