Chukwuma Soludo Humbles APC, Provides World Class Solutions To Nigeria’s Battered Economy [Must Read]

Chukwuma  Soludo Humbles APC, Provides World Class Solutions To Nigeria’s Battered Economy [Must Read]

Former Central Bank Governor, Professor Charles Soludo, has proffered solution to the myriad of economic challenges confronting the country, by calling for the complete elimination of the “41 restricted items” by the Central Bank of Nigeria, CBN, if it hopes to achieve a unified exchange rate regime.

Soludo, made the call at the Recap Conference, in Lagos, while speaking on the theme: “Nigeria’s Current FX and Interest Rate Policies; Thoughts and Suggestions”.

Recall, that the CBN Acting Director, Corporate Communications, Isaac Okoroafor, had recently defended the CBN’s stand, saying that despite criticisms, the CBN would not drop the policy, nor bow to “self-serving” interests.

“We have observed with great concern, the continued and unwarranted attack on our policies by a group of Nigerians, whose real interests, findings have shown are anything near altruistic, but rather self-serving, and unpatriotic”, Okoroafor had said.

However, in a reaction, Soludo took a swipe at the CBN, saying: “Eliminate the so-called 41 items. You cannot unify the forex market with those kinds of things. You have two ways, if you don’t want things to come in. You can use the exchange rate and the commercial policy, raise the tariffs on them. If it is expensive for people to import, they will not import them. That is how to do it on a sustainable basis.

“As day follows night, if not done by this regime, subsequent regime will eliminate those kinds of things. The current way we are doing it, is adhoc, costly, distortionary, and harmful to the economy.”