Forex shortage hurting national development – Emefiele

Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele has lamented the impact of foreign exchange shortage on achieving national development goals.

Emefiele spoke on Friday at the ongoing Bankers’ Committee Retreat in Lagos.

He said there was need to recognise the hindrances of high inflation and foreign exchange shortages on the achievement of Nigeria’s national development goals.

He said the retreat was convened to focus on the development of the local manufacturing industry and non-oil sectors, more broadly, and particularly to enhance the sector’s capacity to generate foreign exchange inflows.

“The focus is even more germane considering the enormity of the global economic turbulence, as wave after wave of negative shocks continue to ravage many countries,” Emefiele said.