Price stability, exchange rate, a must do – CBN Gov

Price stability, exchange rate, a must do – CBN Gov

By Aderogba George, Abuja

The Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has said that the bank is committed to ensuring the stability of prices of goods, and exchange rate in the country.

The Governor said this at the 3rd All Civil Society National Economic Summit on Tuesday in Abuja.

Represented by Mr. Emmanuel Ukeje, Special Adviser to the governor, Emefiele also said that inflation must be properly checked to avoid the influx of cash flow in the wrong direction in the country.

“Inflation must be properly controlled, CBN has the capacity to control that, we want to ensure we have price and exchange rate stability.

“We are encouraging diversification, this is what the country needs to grow the economy,” he said.

The apex bank Gov. also said that the bank was working to ensure an increase in productivity in private sector, and further called on the youth to embrace entrepreneurship for the general development of the country.

Mr. Tobin Jonathan, Director, Corporate Services called on the youth to develop a creative mind, adding that Small and Medium Enterprises business contributed 7 percent to the growth of the Nigerian economy.

Jonathan noted that diversifying the country’s economy should be the paramount thinking in the mind of the youth, adding that the CBN was given credit facilities for Small and Medium Scale business through banks to encourage entrepreneurship.

He listed credit facilities such as Anchor Borrowers Programmes for farmers, and Accelerated Agricultural Development Programme to create jobs in the agricultural sector for Nigerian youth between the ages of 16years to 35years.

He added that the bank was making innovations to change the face of the Nigerian economy and that it has been able to create 10, 000 jobs through these credit facilities.

According to Jonathan, all the credit facilities have single interest rate and urged the youth to buy into the idea of entrepreneurship.

Mr James Abiona, also called on youths to live responsibly by converting their numerical strength to economic advantages.

“Be the change you want to see, the change we are talking about is to come forward and not backward, youths must work to be an entrepreneur; it is better to be your own boss, “ he said.

Earlier, the President of the Coalition of Civil Society Groups (COSG), Mr. Bassey Etuk Williams said the monetary policies introduced by CBN has been able to keep the inflationary expectation, and actual inflation stable, which was equal to each other.

He said that the policies have neutralized the rise in prices and has made inflation less important to encourage investors.

“The technical knowledge to improve the standard of living is available, but the institutions to support this is lacking in most cases but in our own case, we have Bank of industry among others that provide credit facilities with the view of supporting entrepreneurs to grow and invest in business and human capital.

“This combination of capital, policies, and institutions keeps the economy running and must be sustained,’’ Etuk said.

He, however, called on Nigerians to step up what the CBN and Bank of Industry are doing to ensure that the country has steady and sustainable economic growth.

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