Follow Us on Google
From Magnus Eze, Enugu
The Central Bank of Nigeria (CBN) has said that the recent redesign of some denominations of the Naira was impacting positively on the nation’s economy, adding that the policy was aligned with the international best practice.
It explained that the policy has started strengthening the macroeconomic fundamentals, moderating inflation, upscaled financial inclusion rate and led to relative stability in the exchange rate.
The bank added that the policy has supported the efforts of the security agencies in combating banditry and ransom-taking in the country.
Acting Director, Corporate Communications of CBN, Dr. Abdulmumin Isa, stated these at the CBN Special Day at the ongoing 34th Enugu International Trade Fair with the theme: “Harnessing Nigeria human capital resources for global advancement.”
Represented by Mr. Esu Imo, Assistant Director, Corporate Communications, Isa noted that the Nigerian payment system infrastructure was robust enough to handle the growing surge in online transactions.
The Bank, therefore, urged Nigerians to embrace alternative payment channels, such as eNaira, USSD and other internet banking facilities, “as we gradually march towards the alternative payments policy regime, which is the direction the world is going. We cannot afford to be left behind in the global financial ecosystem.”
In addition, he said that the Bank had continued to support various interventions aimed at stimulating production and productivity across the real sector.
According to him, under the Anchor Borrowers’ Programme (ABP), over 4.6 million smallholder farmers cultivating or rearing 21 agricultural commodities on 6.02 million hectares of farmland across the country were sponsored by the Bank.
The Bank also supported the take-off of eight new real sector projects in agriculture, manufacturing, and services under the Real Sector Facility bringing its intervention to 462 projects across the country, comprising 257 manufacturing, 95 agriculture, 97 services and 13 mining sector projects.
President of Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA), Jasper Nduagwuike, urged CBN to adopt more sustainable strategies and intervention schemes in helping growth of businesses in various sectors of the economy. The Chamber commended the CBN for its policy measures to rebuilding stronger business confidence and ensuring stability in the economy particularly in the financial/banking sector.
He, however, advised the Bank to utilize the period of grace for full implementation of the naira redesigning and cashless policy as directed by the supreme Court of Nigeria, to trash all issues that could lead to continues pressure and panic among the general public.
