Poverty, unemployment Nigeria’s major problem –CBN

Emmanuel Adeyemi, Lokoja

Central Bank Governor, Godwin Emefiele, has identified poverty and unemployment as the major problems currently confronting the country

He therefore urged Nigerians to strive to engage in productive venture that could enhance their standard of living. The CBN governor gave the advice over the weekend in Lokoja,  during  a three day sensitisation seminar for bank customers tagged CBN Fair.

Represented by the CBN Assistant Director, Corporate Communications Department,  Emefiele said gone were the days that the apex bank was  been regarded as no-go-area for members of the public stressing that the new CBN under his leadership is  highly professional, people- focused, apolitical.

“We now have a Central Bank that is strictly devoted to building a resilient financial system that can serve the growth and development needs of our  beloved country , Nigeria” he said.

Emefiele said hitherto the economic  growth in the country was not too  favourable because of  foreign exchange used in importing some goods which could  naturally be produced in the country.

Hoewever,  he  stressed that the CBN in the  last five years,  had identified about 41-43 items that could now  be produced locally to boost the economy.

This he said accounted for the reduction of foreign exchange rate  which used to be  N520 to a dollar but is now reduced to N360 to a dollar,  stressing  that conscious efforts are being made to beat down the exchange rate. While calling on Nigerians to go enmass  into mechanised farming, he said the CBN has various incentives including loans to farmers especially on rice production and other items that could help boost their output and in turn boost the economy.

At the seminar,  bank customers were educated on their various rights and duties including how to handle the  naira notes among others.