Full transcript: FT interview with Nigeria's central bank governor Godwin Emefiele

Godwin Emefiele, Governor of the Central Bank of Nigeria

Godwin Emefiele, Governor of the Central Bank of Nigeria, defends his approach to stabilising the naira as Africa’s biggest economy reels from the low world price of oil.

Interview conducted by Maggie Fick, the FT’s west Africa correspondent, on August 4.

He explained why he believes recent steps like cutting off dollar access to importers of certain key goods will enable him to avoid further devaluing the currency — a strategy widely criticised by the market, which believes putting off another devaluation risks more economic instability.

He justified restricting imports by saying it would stimulate local production and gave his views on the state of the parallel market and liquidity. He also discussed efforts by the country’s new president to block leakages and recover stolen oil revenues.

Following are excerpts from Mr. Emefiele’s interview with the Financial Times.

Read more: Full transcript: Interview with Nigeria’s central bank governor – FT.com