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CBN to Curtail Naira Depreciation –Director

Central Bank of Nigeria, CBN, says it is employing appropriate strategies to prevent depreciation of the naira against major currencies of the world like the American dollar and the British pound to boost the manufacturing sector and Nigeria’s export potentials.

Assistant Director, Development Finance Department, Central Bank of Nigeria, CBN, Mr. Babatunde Ogunlaja, said this in Ilorin at the opening of a two-day fair organised in Ilorin, Kwara State.

He said as at last Saturday, the naira had crashed to N251 to a dollar in the parallel market, adding that it was imperative to increase national productivity, block financial leakages, stop influx of banned foreign goods and encourage indigenous production and exports to shore up value of the naira and achieve currency stability.

The fair, he said, was organised to create sensitisation, enlightenment and awareness among users of CBN products, adding that the fair was also intended to make banking clients know their rights and get a feedback system so that the apex bank could have a certain level of customer satisfaction.

His words: “We have a core mandate. That is currency stability. So, part of what the bank (CBN) is trying to do is to float policies to promote stability. You can see what is happening to the monetary policy rate. You can see the decisions that are taken to be sure that leakages are blocked.

“These are things to safeguard our foreign exchange from further depletion, and in addition, to be sure that at least we do not get to a state where we enter into more devaluation. We must close our borders and stop leakages and in doing that we hold on to what we have and, of course, we stream down. We should all be worried about the crash of the naira.

 

Source: National Mirror Nigeria

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