The Central Bank of Nigeria
has said that the Nigeria’s economy is heading for doom if nothing urgent is
done in the next few months. THE Governor of Central Bank of Nigeria, CBN, Mr.
Godwin Emefiele, made this known yesterday during a closed-door meeting with
senators.
It was gathered that the CBN governor told the
senators that it was frightening that the nation was experiencing economic
stagnation and inflation at the same time, explaining that ordinarily, both
were not supposed to happen simultaneously. inflation A source said he
expressed concern that the economy was gloomy, stagnant and worsening as a
result.
According to the source,
Emefiele, who noted that the economy was biting on all, with almost all
activities crippled, said indices that would have made the economy grow were
not in place at the moment. He was also said to have made reference to the
renewed bombing of pipelines by Niger Delta Avengers as one of the factors
pulling down the economy. The CBN governor was said to have Iinked these
occurrences, especially with respect to the over 70 per cent decline in oil
prices from about S116 per barrel in June 2014 to about $30 per barrel earlier
in the year.
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