CBN flays citizens’ crave for foreign goods, seeks better economy

Central Bank of Nigeria (CBN), yesterday, in Port Harcourt flayed the crave by Nigerians for foreign goods, which according to the apex bank, leads to rise in foreign exchange rates.

The CBN officials also educated residents of Rivers and Bayelsa states on business activities, including farming, trading, among others, that could enable them become financially viable and grow the economy. 

Speaking during the Enlightenment Fair organised by the apex bank in both states, respectively, the CBN Fair Team Lead and Deputy Director, Corporate Communication Department, Sam Okagbue, said sensitisation was aimed at educating and enlightening participants on ways to survive  the  critical moments  in the  country  in areas such as consumer protection, payment of currency operations, payment management systems, development finance and eNaira transactions.
 
He recalled that in the past 15 years, Nigeria survived challenges such as economic recession, COVID-19 pandemic, oil theft, insecurity and citizens’ unfavourable attitude towards foreign goods, saying the challenges had negative impact on the nation’s Gross Domestic Product (GDP).

“CBN is about the economy and the economy is about the people. We are here to interact with you about economy as to be conscious of what you are doing that impacts on the economy. In the last 15 years, we have passed through many problems such as economic recession, COVID-19, which have impacted on the economy. We are battling with insecurity, oil theft and the urge for foreign goods, which affects the nation’s GDP. We consumed foreign goods and all this affects the foreign exchange rates. Our attitude to foreign goods is affecting our economy.

This Enlightenment Fair will educate you on consumer protection, currency operations, payment management system, development finance and eNaira,” he said.

CBN Port Harcourt branch Controller, Maxwell Okafor, said the fair was aimed at intimating participants with the activities of CBN and what they should do them secure their businesses and operate a free market economy.

Business operators, banks, farmers, cooperative societies, NYSC members and workers of various establishments attended the programmes.