Emefiele says cyber fraud, kidnapping will reduce if borders remain closed for 2 years

The Governor of Central Bank of Nigeria, Mr Godwin Emefiele has said that security challenges and cyber crimes in Nigeria would reduce if the Federal Government sustains border closure for two years. 

Emefiele reportedly said this as a guest speakers in Edo State on Friday, November 1, 2019, at the 1st convocation lecture of Edo University.

Speaking on the topic, “The role of monetary policy: towards economic growth in Nigeria.” the CBN governor said the government has recorded successes since it decided to partially close the land borders in August. 

He added that with the successes, many youths, who have taken to crime would have no option but to embrace agriculture. 

He said, “I can tell you that, if Nigeria decides to close the borders for two years, the incident of ‘yahoo yahoo’ boys, kidnapping for ransom, armed banditry, and robbery will reduce to the barest minimum.

“These guys will have no option but to go into agriculture.”

Emefiele said that some neighbouring countries were undermining Nigeria’s economy by opening their countries for others to dump their goods into Nigeria, adding that Nigeria economy needed to be put in place to guarantee real growth.

According to Punch, the CBN Governor also said that the monetary policy approach adopted by the bank was one of the factors that restored the Nigerian economy to the growth trajectory.

“Critics of our policy say it’s unconventional. Yes, unconventional, it has delivered results.

“We have restored the economy. In their own conventional policy, the industries were dying. We don’t owe them an apology.

“When we began to utilize these tools, they were initially criticized by adherents of conventional monetary policy tools.

“Critics asserted that our foreign exchange policies constitute exchange restrictions, rationing of foreign exchange, discretionary allocation based on priority categories, and multiple currency practices, he said. 

Emefiele also said that there has been a sufficient evidence of significant reductions in the annual import bill, and increased non-oil exports.