CBN warns Nigerians to be prepared for Hard Times

The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday warned Nigerians to brace for a longer period of low revenue from oil sources which would necessitate hard times and uncomfortable choices.

The committee, in a communiqué observed that while the period of low oil prices, which occurred in 2005, lasted for a maximum of eight months, the current situation was expected to continue over a longer period of time.

The CBN Governor. Mr. Godwin Emefiele, who read out the communiqué shortly after the meeting, said the development would require huge sacrifices from Nigerians.

As a result of the drop in oil revenues, the governor said the need for consistently sound and coordinated macro economy policies had become inevitable.

When asked if the Naira was going to be devalued because of the recent pressure on the currency, the governor said there were no immediate plans for such at the moment.

When asked if the CBN would consider the devaluation of the naira in view of the increasing pressure on the currency, the governor said there were no immediate plans to do so.