CBN Pledges to Steer Nigeria Away from Recession

Central Bank of Nigeria (CBN) has said it would not be deterred in its effort to steer the Nigerian economy away from the looming recession due to the impact of COVID-19.

It said this was in spite of the push by some vested interests to impugn the integrity of the bank.

CBN Director, Corporate Communications Department, Isaac Okorafor said the bank had uncovered sinister plans by some persons in Nigeria’s economic and socio-political space to distract the CBN.

He said such persons want to discredit the institution through deliberate misinformation, complete fabrications and outright lies.

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He, however, noted that CBN Governor, Godwin Emefiele and his team at the bank would not be deterred by the actions of such persons.

Okoroafor said the bank, in pursuit of its mandate enshrined in the CBN Act 2007, as Amended, would continue to strive to ensure accretion to the external reserves to safeguard the international value of the naira.

He added that it would continue to ensure that no individual or institution circumvents the system.

According to Okorafor, the naira, in the past three years, had remained stable against other world currencies, due to strict measures put in place by the CBN to check cases of round-tripping.

He said the bank, working with other relevant agencies of government, had equally curtailed the activities of economic saboteurs neck-deep in smuggling and other economic crimes.

He noted that those opposed to the policies of the CBN would not relent in their effort to undermine the bank, but stressed that the bank remained resolute to the dictates of its enabling Act.

The CBN spokesperson said the bank would not be distracted by subjective criticisms from persons who do not mean well for the general good of the Nigerian people and the country.

Recession