Group applauds CBN’s move to salvage naira




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…. Commends CBN policies such as the Youth Entrepreneurship Development Programme, others.

By Chibuike Nwabuko

Abuja (Sundiata Post) – The Coalition Civil Society Groups on Tuesday applauded the move by the Central Bank of Nigeria (CBN) to salvage the Naira through the discouragement of illicit financial flow and stoppage of the sales of Forex to Bureau De Change (BDC) Operators who exploit and artificially inflate dollar/naira exchange, BDC racketeering and indiscriminate round tripping.

The Coalition also commended the policies such the CBN such as the Youth Entrepreneurship Development Programme (YEDP), Accelerated Agricultural Development Scheme (AADS), the Agri-business/Small and Medium Enterprises Investment Scheme (AGSMEIS), the National Collateral Registry (NCR) and lately the Creative Industry Financing Initiative (CIFI), which is collaboration between the CBN and the Bankers’ Committee.

The Group which applauded the genuine effort the Governor in trying to stabilize the naira in a press briefing in Abuja read to newsmen and signed by its President, Etuk Bassey Williams and the Secretary, Abubarka Ibrahim.

The statement reads in full:


I welcome you all to this very important press briefing occasioned by a need to appreciate the effort Mr. Godwin Emefiele and the entire Management of the Central Bank of Nigeria for the pervasive success achieved so far in their effort to revamp the economy. We observe these efforts and consider it pertinent to appreciate their hard work, commitment, dedication and tact employed in the management of Naira, empowering the Farmers and Entrepreneurs towards job and wealth creating. The aim of this activity toady is to encourage the CBN Governor and his team not to relent but to do more and continue to justify the confidence reposed on them by Mr. President: Muhammadu Buhari.

There is no doubt that his appointment in 2014, and re-appointment in 2020 was the right judgement. Without equivocation, Emefiele’s contribution to the development and growth the economy, as well as innovations in development financing, earned him President Muhammadu Buhari’s nomination for a second term in office as CBN Governor; this singular achievement is by the records the first time anyone had been so nominated since 1999.
In line with his promise at the unveiling his Agenda in 2014, he commenced operation with the objective of enhancing access to credit to Micro, Small and Medium Enterprises (MSMEs), as that sector remains the catalysts of economic growth in Nigeria.

His tactful supervision a periodic OMO interventions resulted in a mop up of excess liquidity to curtail inflation and boost investors’ confidence in Nigeria’s fixed income securities such as Treasury Bills and Bonds.

He has also ensured the protection of Bank Customers, effective supervision of Deposit Money Banks and Other Financial Institutions; and deepening of Financial Inclusion through an effective banking and payments system. In recent times,Governor Emefiele has also backed up his pledge to facilitate job creation with the creation of the Creative Industry Financing Initiative (CIFI), which is being implemented in collaboration with the Bankers’ Committee.

To encourage diversification of the economy and stimulate growth in the agriculture sector in line with President Muhammadu Buhari’s plan, the CBN Governor established an innovative agriculture credit plan: Anchor Borrowers Programme and this has increased yield per hectare of agricultural like Rice, Groundnut and Cocoa.

CBN Governor embarked on other policies such as the Youth Entrepreneurship Development Programme (YEDP), Accelerated Agricultural Development Scheme (AADS), the Agri-business/Small and Medium Enterprises Investment Scheme (AGSMEIS), the National Collateral Registry (NCR) and lately the Creative Industry Financing Initiative (CIFI), which is collaboration between the CBN and the Bankers’ Committee.

A nationalistic economist of a kind, no doubt Emefiele has shown commitment, in the course of his tenure, he has championed diversification of the economy, away from heavy dependence on crude oil and other imported items that can be produced in the country.

He has continued to make effort to stabilized the Naira and put the economy on a right footing. Creating the Inter-bank/Wholesale and the Investors/Exporters’ windows. This has brought great relive, leading to remarkable acreage in foreign reserve and rise in capital inflow.

He also introduced an import exclusion policy increased patronage for local goods and stimulated local production significantly, introduces a check on the activities of the Bureau De Change (BDC) and ended continued depreciation of Naira over the years.

In a sincere effort to salvage the naira, the CBN stopped the sales of Forex to Bureau De Change (BDC) Operators who exploit and artificially inflate dollar/naira exchange. We applaud this move to discourage illicit financial flow, BDC racketeering and indiscriminate round tripping.
We applaud the genuine effort of the Governor in trying to stabilize the naira.

The Governor has halted the recession that recently threatened the country through the new monetary policies on diaspora remittance and sustainable intervention. We consider this as a master strokes.

The same tact came to bear in this present Covid-19 induced economic challenge as we were able to bounce back faster than other African Countries. The policies have been deliberate, precise and impactful.
In conclusion, “We are bold to say that Nigeria is in Safe hand” economically.

We request that everybody support this Government, there is no doubt that the Governor of CBN and his team will deliver. Indeed Mr. Godwin Ifeanyi Emefiele has done wonderfully well to deserve more accolades from Nigerians for a work well done.

Signed:

Etuk Bassey Williams (JP) FCICN, Abubarka Ibrahim, President and Secretary.