Banking

CBN will not be deterred in steering economy away from looming recession –Spokesman

Published

on


The Central Bank of Nigeria (CBN) says Mr Godwin Emefiele and his team will not be deterred in their effort to steer the Nigerian economy away from the looming recession ocassioned by the global impact of the COVID-19 pandemic.


The Bank’s Director, Corporate Communications, Mr Isaac Okorafor, said this on Wednesday in Abuja while speaking with newsmen.

Okorafor said that in spite of the push by some vested interests to impugn the integrity of the Bank, CBN under the leadership of Emefiele was resolute in ensuring a robust economy in the country.

“The CBN has uncovered sinister plans by some persons with selfish interests in Nigeria’s economic and socio-political space to distract the CBN and discredit the institution through deliberate misinformation, complete fabrications and outright lies.

“The Bank, in pursuit of its mandate enshrined in the CBN Act (2007), as Amended, would continue to strive to ensure accretion to the external reserves to safeguard the international value of the Naira, in addition to ensuring no individual or institution circumvents the system,” he said.

According to Okorafor, the Naira, in the past three years, has remained stable against other world currencies, due largely to strict measures put in place by the CBN to check cases of round-tripping.

“The Bank, working with other relevant agencies of government, had equally curtailed the activities of economic saboteurs neck-deep in smuggling and other economic crimes,” he said.

The director of communication said that those opposed to the policies of the CBN were unrelenting in their effort to undermine the Bank.

“CBN has remained resolute to the dictates of its enabling Act and would not be distracted by subjective criticisms from persons who do not mean well for the general good of the Nigerian people and the economy,” he said.

Okoroafor recalled that the CBN, under Emefiele’s leadership, had made genuine patriotic efforts at promoting economic growth and development through its intervention programmes, particularly in the agricultural sector.

He said that the effort led to the revamp of value chains across over 10 agricultural commodities, including cotton, oil palm, fish, poultry, livestock and maize.

The director of communication cited the rice revolution under the Anchor Borrowers’ Programme (ABP) as a major contributor to shielding Nigeria from a food crisis.

This, he said, was when major rice producing countries of the world halted exports from their shores in the height of the coronavirus (COVID-19).

He said that the bank also reacted swiftly on the pandemic especially on its recent interventions.

The spokesman cited the N50 billion Targeted Credit facility (TCF) for households and small businesses affected by the coronavirus and the N100 billion credit support for the health sector as such interventions.

Okorafor condemned a situation where persons with vested interest in the economy of the country and its socio-political landscape continued to misinform unsuspecting members of the public on the policies of the Bank.

“The CBN remains committed to transparently pursue its mandate in the interest of majority of Nigerians rather than for the selfish interest of a few,” he said.

The director said that majority of Nigerians were better informed and would not indulge in unpatriotic economic acts for selfish purposes.

Edited By: Debo Oshundun/Oluwole Sogunle (NAN)

https://nnn.ng/cbn-will-not-be-deterred-in-steering-economy-away-from-looming-recession-spokesman/

Women affairs minister urges Ebonyi Govt. to check early girl-child marriage Reed grabs halfway lead, as Tiger misses cut at United States Open Aguero could be out of action until November, Guardiola says Whirlwind Bayern Munich dismantle Schalke 8-0 in season opener FG set to support 1.7 million businesses, individuals — Minister Niger Govt opens Minna-Bida road to articulated vehicles Laloko wants 25% of local players in Super Eagles Divers rescue 5 as bus plunges into river in Ebonyi Visa Ban: FG says sanctioning electoral offenders disrespectful to Nigeria’s sovereignty Edo 2020: PDP Reps caucus condemn seige on governors by security agents APC receives former Saraki commissioner, others in Kwara Lawmaker promises APC befitting secretariat in Kwara 1,000 fans at Italian Open better than none, says Djokovic Enugu ex-governors Nnamani, Chime in closed door meeting Tinubu greets Lagos dep gov, Hamzat, at 56 Ondo 2020: Jedege advises citizens to reject violent politicians with votes Sanwo-Olu fecilitates with deputy at 56 COVID-19 FG will support MSMEs with N75bn loan — DG SMEDAN Ondo 2020: Speaker receives SDP, ADC Councillorship candidates in Ifedore Edo election: Group lauds committee over peace accord LASG plans establishing fashion hubs in Lagos Central, East Group condemns alleged vote buying video ahead Edo poll NIMR unveils COVID-19 molecular testing kit PDP alleges harassment of its governors in hotel, tells IG to vacate officers Pomp, pageantry as Akran of Badagry turns 84 Edo: INEC Chairman warns staff members against partisanship MPC: Financial experts seek monetary, fiscal policies alignment  Save us from DPO’s alleged abetting of criminals, 1004 Estate residents beg FG Edo Election: Yiaga Africa to adopt PVT methodology to check credibility of election results  Nasarawa Govt inaugurates 18-man committee on education sector Nigeria, EU envoys meet to resolve access to airspace, travel ban JOHESU strike: Medical, business activities cripple at AUTH Gwagwalada Institute wants stakeholders to develop useful curriculum in education Open Defecation: FG to use educational institutions to enlighten Nigerians NNPC shortlists 78 companies for pipelines rehabilitation bidding Flooding: Sultan visits Kebbi, seeks FG’s urgent assistance for victims NSCDC arrests 19 suspected rapists in Kaduna   Recapitalisation: AIICO not resting in its drive — MD Gov El-Rufai urges NIPSS Alumni to find solutions to banditry Edo election:Prices of livestock increase in Benin markets Strike: National Hospital Abuja witnesses low patronage Domestic oil refiners urge FG to establish modular refineries in Niger Delta Edo election: Remember your commitment to peace accord – CSOs tell political actors Kaduna Govt to revive guidance, counselling unit in public schools Osinbajo inaugurates fashion cluster shared facility for MSMEs in Lagos Kidnappers free ex-US Army officer in Ekiti School resumption: Education Commission boss tasks teachers on dedication to duty Pharmaceutical Products: Nigeria plans 60% local production Lagos NUJ: I won’t suspend legal actions on Pen Jewel Estate if elected — Ajayi Facebook announces opening of new office in Lagos