Connect with us

Banking

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

Published

on

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

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)

Mustapha Sumaila: is a graduate and a professionally trained journalist, with experience in national news reporting/editing and verification at the News Agency of Nigeria. NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor[at]nnn.com.ng

Tanker drivers start strike Monday as talks with LASG end in deadlock NCDC confirms 437 new COVID-19 case, total of infection hits 46,577 Apapa will open to traffic in October — LASG Halep to decide on United States Open after Prague event Gov. Fayemi mourns ex-Ekiti lawmaker, Fakiyesi Vettel says Ferrari messed up with nonsensical strategy Ekiti Govt paying lip service to healthcare delivery, say striking doctors Resumption: Academy wants COVID-19 protocol funds released directly to schools Willian confirms exit from Chelsea after 7 years Anglican Bishop urges govts to save SMEs from collapse For Europe’s “super clubs”, UEFA Champions League determines all YYA sues for peace in Ondo Assembly, condoles with Ogun over Kashamu Ilorin communities appeal to Gov. AbdulRazaq over damaged culvert NPFL 2019/2020 season: Rivers United still insisting they finished second, not third Imo Assembly restates commitment to local production through effective legislation CAN President urges FG to overhaul security apparatus  Osun: Police dismiss inspector for allegedly brutalising tailor, causing death Nimet predicts cloudy, thundery weather activities Monday to Wednesday Sanwo-Olu gives hospital’s management 7-day ultimatum to remove trucks, containers FG supports Imo farmers with 20,000 cocoa seedlings, other improved seeds COVID-19: Low attendance, strict compliance greet church re-opening in Lagos Ex-Rep wants Obaseki impeached over alleged breach of constitution NMA charges state branches to uphold values to protect members Unknown assailants kill Gov. Obiano’s aide on security DG APC Governors Forum tasks membership on participation, registration  Banditry: Monarch urges govt. to adopt new strategies Cleric tasks worshipers on COVID-19 guidelines as church services resume Kwara records 7 new cases of COVID-19 Beauty queen pledges to showcase cultural heritage of Northern Nigeria Zamfara agency sensitises communities on World Bank projects maintenance, sustainability Don’t smoke away your babies, Gynaecologist warns PDP BOT Chairman seeks conduct of LG election by INEC Community policing: FCT minister advocates involvement of council chairmen, traditional rulers Former Police boss blames security challenges on corruption, bad governance Southern Kaduna attacks: Coalition tasks locals on credible information to military Delta communities want FG to revive abandoned projects Dabiri-Erewa says Dapo William’s death great loss to Nigeria Rev Okoye urges Nigerians to return to God, shun tribalism, other vices Commission pledges to eradicate illiteracy, poverty in North-East FG, ECOWAS to host biodiversity consultation on environmental protection Journalists Forum uncovers Nigerians in critical situation in Saudi Arabia NOA urges collaboration of traditional leaders in fight against COVID-19 APC in UK pays tributes to late Dapo Williams Ekiti Govt distributes protective materials ahead Monday’s school reopening Kogi govt extends schools’ fumigation to Eastern Senatorial district Buhari mourns UK-based Nigerian, Dapo Williams COVID-19: Mosques in Ekiti ready for reopening – NSCIA COVID-19: Churches in Lagos  reopen, record  low turn out after 20 weeks of lockdown Church re-opening: Cleric wants leaders ensure compliance with COVID-19 guidelines FCTA pledges support to Suleja smart city project