Central Bank of Nigeria (CBN) Governor, Godwin Emefiele has said that an economy is unlikely to achieve growth and price stability at a go, adding that one is likely to displace the other. He likened the scenario to one wanting to eat his cake and having it at the same time.
“You want growth and price stability? You can’t eat your cake and have it?,” he said.
Emefiele spoke at the University of Ibadan Distinguished Leadership Lecture Series, holding in Ibadan and organised by the University in collaboration with the apex bank.
He said the CBN took several unconventional plans to keep the economy going, and stabilize the exchange rate. Some of the measures include the restriction of 43 items that can be produced locally from accessing foreign exchange officially, the introduction of the Investors and Exporters Forex Window and capital controls.