Foreign goods is destroying the Nigerian Currency – CBN

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Nigerians’ preference for foreign goods is destroying the naira, the country’s apex bank has said.

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

The director said the apex bank implemented roughly 37 intervention programs, primarily in agriculture, to grow the economy, lower inflation, and create more jobs for the youth.

“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.

“We are here to discuss about 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 pace 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.”

The Director General of the Michael Imodu National Institute of Labour Studies, Issah Aremu, praised the apex bank for fostering financial literacy among workers.

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Author: abokimallamfx