Despite huge clamour from different quarters, calling on the Federal Government to ease the sufferings of the Nigerian masses, the Central Bank Of Nigeria, CBN, has insisted on further strengthening President Muhammadu Buhari’s opaque economic policies.
According to the CBN, nobody is considering the reversal of its policy, banning foreign exchange sale to importers of 41 items, which the country has the capacity to produce locally.
Recall, that Economic and Financial Analysts cross the country, have berated President Buhari and the CBN, for the abrupt implementation of the policy without any form of palliative, which according to them is responsible for the widespread hunger and starvation that have bedeviled the land.
They argued, that the President should have gone into massive production of these goods and services first, before banning the products from entering into the country, or look out for other palliatives capable of cushioning the aftermath multiplying effect of the ban.
Sadly, the apex bank rather than advising the President on the need to do so, has insisted that it would continue to strengthen the President’s ban on the 41 items.
The CBN, noted that rather than reversing its earlier decision, it would opt for policies that would support the real sector, in order to ensure that the economy was adequately diversified.
Meanwhile, the CBN’s Acting Director, Corporate Communications Department, Isaac Okoroafor, reacting to the demands made by a group of protesters, known as ‘OccupyCBN’, who stormed the bank’s headquarters, in Abuja, on Friday, January 27, on the need to float the naira freely, explained that such an action, would severely hurt the welfare of ordinary Nigerians.
He disclosed that the protest was sponsored by unpatriotic and self-serving individuals, who never wished well for the country.
He said: “How much of foreign exchange have they brought into the country since June 2016, when the naira was allowed to float to its current range?
According to the CBN, nobody is considering the reversal of its policy, banning foreign exchange sale to importers of 41 items, which the country has the capacity to produce locally.
Recall, that Economic and Financial Analysts cross the country, have berated President Buhari and the CBN, for the abrupt implementation of the policy without any form of palliative, which according to them is responsible for the widespread hunger and starvation that have bedeviled the land.
They argued, that the President should have gone into massive production of these goods and services first, before banning the products from entering into the country, or look out for other palliatives capable of cushioning the aftermath multiplying effect of the ban.
Sadly, the apex bank rather than advising the President on the need to do so, has insisted that it would continue to strengthen the President’s ban on the 41 items.
The CBN, noted that rather than reversing its earlier decision, it would opt for policies that would support the real sector, in order to ensure that the economy was adequately diversified.
Meanwhile, the CBN’s Acting Director, Corporate Communications Department, Isaac Okoroafor, reacting to the demands made by a group of protesters, known as ‘OccupyCBN’, who stormed the bank’s headquarters, in Abuja, on Friday, January 27, on the need to float the naira freely, explained that such an action, would severely hurt the welfare of ordinary Nigerians.
He disclosed that the protest was sponsored by unpatriotic and self-serving individuals, who never wished well for the country.
He said: “How much of foreign exchange have they brought into the country since June 2016, when the naira was allowed to float to its current range?
“Rather than joining the CBN and other agencies of government to take the country out of the current situation, they are busy sponsoring gullible groups to protest.
“Allowing the naira to float will severely hurt the welfare of ordinary Nigerians, and abolishing the list of 41 items, will mean destroying the livelihood of millions of Nigerian farmers and genuine manufacturers, who have made huge investments in the cultivation and local manufacturing of these imported items.”
The protesters led by its Convener, Deji Adeyanju, had said that they had no plan to disrupt operations of the bank, but to find out what it was doing to address the challenges of foreign exchange.
The protesters led by its Convener, Deji Adeyanju, had said that they had no plan to disrupt operations of the bank, but to find out what it was doing to address the challenges of foreign exchange.
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