We’ll Steer Economy Away From Looming COVID-19 Induced Reccession-CBN

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The Central Bank of Nigeria has said that the Governor, Godwin Emefiele, and his team at the Bank will not be deterred in their effort to steer the Nigerian economy away from the looming COVID-19-induced recession, in spite of the push by some vested interests to impugn the integrity of the Bank.

The Bank’s Director, Corporate Communications Department, Isaac Okorafor, who made the declaration in Abuja in a chat with newsmen, disclosed that the apex bank had uncovered sinister plans by some persons with selfish interests in Nigeria’s economic and socio-political space to distract the CBN and discredit the institution through deliberate misinformation, complete fabrications and outright lies.

He said that the Bank, in the 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, in addition to ensuring 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 largely 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.

While noting that those opposed to the policies of the CBN would not relent in their effort to undermine the Bank, he said the CBN remained resolute to the dictates of its enabling Act and would not be distracted by subjective criticisms from persons who do not mean well for the general good of the Nigerian people and the economy.

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