Nigeria’s appetite for foreign goods killing our local currency, says CBN

The Central Bank of Nigeria (CBN) has stated that Nigeria’s appetite for foreign goods is destroying the naira.

Importing fewer goods, expanding agricultural investment, and diversifying the economy are all ways to assist the country’s economy recover.

This was disclosed by the Director, Corporate Communications Department, CBN, Osita Nwanisobi, at a one-day interactive session with the organised labour and civil society on the five-year policy thrust of the CBN in Enugu, according to The SUN.

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

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He said: “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 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 the 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.”

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Issah Aremu, Director General of the Michael Imodu National Institute of Labour Studies, complimented the CBN for implementing a national planning policy.

He also praised the CBN for fostering financial literacy among workers, which he believes will help people understand what is going on in the economy, the rate of inflation, and the differences between policies, their jobs, and productivity.