CBN blames falling Naira on Nigerians. Gives Reason

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No successful economy thrives on the promotion of imported products over exportation of local products

The Central Bank of Nigeria (CBN) claims that the Naira’s depreciation is due to Nigerians’ reliance on imports.

The central bank of Nigeria has urged Nigerians to adopt homemade items in order to strengthen the country’s economy and prevent the Naira from further weakening in the parallel market.

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Mr Osita Nwanisiobi, CBN Director of Corporate Communications, made the announcement alongside Mr Sam Okogbue, Deputy Director, Corporate Communications Department, at the opening session of a two-day expo conducted by the apex bank in Owerri, Imo State, on Wednesday.

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He said that the CBN’s Anchor Borrower’s programme was the nation’s saving grace for enhanced rice supply during the COVID-19 pandemic. He went on to say that the activities were aimed at emancipating businesses and eradicating poverty.

What the CBN has to say.

The CBN had launched interventions in the agricultural, manufacturing, and other sectors, according to Nwanisiobi, who spoke on the theme of “Promoting Financial Stability and Economic Development.”

He said that one of the reasons for the currency’s decline was Nigeria’s over-dependence on imports.

“No successful economy thrives on the promotion of imported goods over the export of locally produced goods,” he remarked.

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“During the COVID-19 pandemic, rice was the most popular component of our palliatives,” he continued. The CBN’s Anchor Borrower’s scheme for rice producers has resulted in this.”

The CBN’s Currency Operations Department’s Mrs Uchenna Onyene spoke at the occasion, asking Nigerians to utilise the naira with caution, citing Section 21, Sub-section 4 of the CBN Act 2007.

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She also advised Nigerians to implement the CBN’s cashless policy to reduce risk and increase transaction efficiency, stressing that the bank was committed to payment innovation for a better customer experience.

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