Part of the unconventional means would be to declare as “economic sabotage and cease accounts of individuals and companies” that engage in importation of 43 items already placed on restriction by the apex bank.
The lecture was titled, “Up Against the Tide: Nigeria’s Heterodox Monetary Policy and the Bretton Woods Consensus”.According to Emefiele, since it was obvious that the prevailing system in Nigeria makes those conventional theories of the International Monetary Fund and other international financial institutions to work, the CBN has to consider unconstitutional means to fight economic recession and restructure the economy.
He said the CBN had tried those conventional means but they did not give any result because of the country’s porous borders and the compromising attitude of some officers at Nigerian ports and borders.He recalled when the Federal Government increased tariffs and levies on imported tomato pastes in 2018, noting that at the end of that year, there was nothing in the balance sheet to show that a dime was paid for tomato pastes imported to the country.
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