CBN urges Nigerians to leverage its interventions for financial stability

Amby Uneze

The Central Bank of Nigeria (CBN) has continued to sensitize Nigerians to embrace its intervention programs to promote financial stability and economic development.

The CBN’s Director of Corporate Communications, Mr. Osita Nwanisiobi, said this during the opening session of a two-day fair organized by the Bank in Owerri.

Nwanisiobi, represented by Deputy Director of Corporate Communications Department, Mr. Sam Okogbue, said the intervention programs aimed at business empowerment and poverty alleviation.

Speaking under the theme: “Promoting Financial Stability and Economic Development”, Nwanisiobi said the CBN has rolled out interventions in agriculture, manufacturing and other sectors.

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

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

He, however, lamented Nigeria’s overreliance on imports, a factor which he said was responsible for the fall in the Naira exchange rate.

He described the manufacturing sector as a common thread for economic development, adding that “no successful economy thrives on the promotion of imported products rather than the export of locally produced products”.

In her presentation, Mrs. Uchenna Onyene from the Monetary Operations Department called on Nigerians to handle the Naira with care in accordance with the provisions of Section 21, Subsection 4 of the CBN Act 2007.

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

The outreach program, which also took place virtually with the participants in Awka, Anambra State, brought together many customers of the banks.

The highlight of the event was the onboarding of stakeholders on the eNaira platform.

Comments are closed.