‘How CBN’s interventions supported economy’
20 December 2019 |
3:34 am
Through the implementation of various initiatives under the development finance interventions, the Central Bank of Nigeria (CBN), was able to prop the naira.
Through the implementation of various initiatives under the development finance interventions, the Central Bank of Nigeria (CBN), was able to prop the naira.
While it also involved the use of billions of dollars from the nation’s reserves to support the currency at the foreign exchange market, and the introduction of multiple windows for specific needs, the moves were able to starve off the pressure.
Making the observations, African Newspapers of Nigeria (ANN) Plc, publishers of the Nigerian Tribune, noted that the Godwin Emefiele-led CBN, averted series of devaluation situations, among others, through the interventions.
Besides, the interventions served several needs of the real sector, as the creative approach was able to stabilise the economy and steer it out of recession, despite the depth of the challenges.
The Chairman, ANN, Ambassador Olatokunbo Awolowo Dosumu, while presenting an award to Emefiele, said the policy of not making foreign exchange available to importers of 41 items saved the country millions of dollars and raised local production capacity.
Among some of the interventions, which earned the top banker a platinum award, was the championing of human capital development, which ANN said was the turning point in Nigeria’s quest to produce for itself, particularly, food items.
Dosumu, who commended Emefiele for the giant strides, added that part of the interventions he made to salvage the economy through the CBN’s Anchor Borrowers Programme (ABP), has revolutionised agricultural practice in the country and boosted rice production.
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