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Governor of the Central Bank of Nigeria, Godwin Emefiele on Thursday said that the apex bank had done all it could with regard to monetary policies to stimulate economic recovery, admitting the problem lies outside that purview.

"Monetary policy had under the circumstances rose to the occasion, deploying fully all the conventional and non-conventional tools in its purview. However, as you will know, the conditions that precipitated the economic crisis are structural, with antidotes that lie mostly outside the domain of monetary policy.’ Punch quotes Emefiele as saying.


Circumstances beyond the control of these monetary policies are to blame for the lingering economic crisis, he said, citing fall in oil prices, energy shortages and hikes in the prices of energy, depressed consumer demand resulting from weak fiscal spending, and spate of militant attacks as well as insurgency as examples.

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