Governor of Central Bank of Nigeria, (CBN), Mr. Godwin Emefiele, has urged manufacturers to explore more production opportunities to curtail excessive reliance on imports.
The advice followed the depreciation of the Naira by 11.25 per cent between January 31, 2014 and December 31, 2014.
He gave the charge at a breakfast meeting with captains of industry and critical stakeholders in the economy in Lagos, assuring that the level of Nigeria’s external reserves, which currently stands at about $34bn, is adequate to meet all legitimate foreign exchange demands.
He urged Nigerians to look inwards and explore opportunities for local production of more of the country’s needs because lopsided dependence on imports was a major exacerbating pressure on the exchange rate. He reminded his audience that “even one cent of import impacts negatively on the exchange rate”.
Emefiele also pledged CBN’s support for entrepreneurs and manufacturers who go into local production of goods that would reduce demand pressure on the Naira.