Embrace Economic Interventions To Promote Financial Stability – CBN Urges Nigerians

Embrace Economic Interventions To Promote Financial Stability – CBN Urges Nigerians

Teddy Nwanunobi

Central Bank of Nigeria, CBN, has urged Nigerians to embrace its intervention programmes to promote financial stability and economic development.

Director of Corporate Communications, Mr Osita Nwanisiobi, said this at the opening session of a two- day fair organized on Wednesday in Owerri by the apex bank.

Nwanisiobi, represented by the Deputy Director, Corporate Communications Department, Mr Sam Okogbue, said the interventions were aimed at business emancipation and poverty reduction.

Speaking on the theme: ‘Promoting Financial Stability and Economic Development’, Nwanisiobi said the CBN had rolled out interventions in agricultural, manufacturing and other sectors.

He added that the CBN’s Anchor Borrower’s programme was the nation’s saving grace for increased availability of rice during the heat of the COVID-19 pandemic.

“During the COVID-19 pandemic, rice was the most single popular component of our palliatives. This is a result of the CBN’s Anchor Borrower’s programme for rice farmers”, he said.

He said Nigeria’s over-dependence on importation is responsible for the fall in the exchange rate of the naira.

He described the manufacturing sector as a live wire for economic development.

“No successful economy thrives on promotion of imported products over the exportation of locally manufactured products”, he said.

Speaking, Mrs Uchenna Onyene of CBN’s Currency Operations Department, called on Nigerians to handle the naira with care in line with the provisions of Section 21, Sub-section 4 of the CBN Act 2007.

She also urged Nigerians to embrace CBN’s cashless policy to reduce risk and promote seamless transactions, adding that the bank is committed to ensuring innovation in payments for better customer experience.

Highlight of the event is the onboarding of stakeholders on the eNaira platform.

Tags assigned to this article: