CENTRAL BANK OF NIGERIA STATES CASE ON RECESSION.

The Central Bank of Nigeria (CBN) has come out in defence of itself and policies as some people criticise them and call for a review.

In a post on its website dated today January 27 signed by the Acting Director Corporate Communications, Isaac Okorafor, the CBN stated that people were deliberately sponsoring 
smear campaign against it in an attempt to reverse particularly the present foreign exchange regime.

It argued that the current recession was triggered by drastic drop in the country's foreign earnings and subsequent impact on national reserves.

According to the CBN, Nigeria's foreign earnings dropped from a high of $3.2bn .monthly sometime in 2013 to a mere $500m per month sometime in 2016. Yet the nation's demand for foreign exchange mainly through imports, continued to grow.

In the light of this, it said, its policy focus has been to:

* Ensure that inflation stayed within manageable limits.

* Intervene in critical sectors of the economy through injection of much needed capital.

* Promote export driven industrialization

* Provide access to credit to small and medium. scale enterprises at single digit rates.

* Protect bank depositors interest and

* Ensure low income earners are protected from vagaries of high Nair's depreciation.

It added that it also ensures that there is liquidity and transparency in the foreign exchange market.

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