Forex Crisis: Appetite For Foreign Goods Killing Naira – CBN

Forex Crisis Appetite For Foreign Goods Killing Naira – CBN
Forex Crisis Appetite For Foreign Goods Killing Naira – CBN
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The Central Bank of Nigeria (CBN) has asserted that cutting down on foreign goods, aggressive investment in agriculture, and complete diversification is what is needed to revamp the nation’s ailing economy and currency.

Director, Corporate Communications Department, CBN, Osita Nwanisobi, made this assertion over the weekend, at one-day interactive session with the organised labour and civil society on the five-year policy thrust of CBN in Enugu.

Nwanisobi said that it was for that reason that the apex bank introduced about 37 intervention programmes, especially for agriculture, to boost the economy, reduce inflation and create more jobs for the youth.

He said: “But I think what we have to know about interventions of the CBN is that they are purpose-driven, they are functionally based and it is also well thought out like I have always said. The CBN interventions are borne out of the critical issues within our economic space. 

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‘We are here to discuss CBN policies and intervention programmes with some significant stakeholders in this country. Our mission is to speak to workers’ leaders on what we are doing in Central Bank and they will be able to take the message back to their people with the language they will understand so that they will be at peace with what we are doing in CBN.

‘We know the issues of insurgency, insecurity, exchange pass through, issues of price adjustment in terms of power or fuel, and others. All of these parked together is what we are seeing as inflation today. That is also why CBN is doing massive intervention especially in agriculture.’

Director-General of Michael Imodu National Institute of Labour Studies, Issah Aremu, praised the CBN for bringing in a national planning policy.

He also commended the CBN for promoting financial literacy of workers, which according to him, would help them know what is happening in the economy, inflation rate and to know the difference between policies, their jobs and productivity.

Chairman of Nigeria Labour Congress (NLC) Enugu Chapter, Virginus Nwobodo, said the sensitisation session has enlightened them on the effect of consuming locally made goods.

AFRICA DAILY NEWS, NEW YORK

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