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CBN Pledges To Drive Economy Away From Recession

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Recession CBN Economy

CBN Pledges To Drive Economy Away From Recession

The Central Bank of Nigeria (CBN) says the governor, Godwin Emefiele, and his team at the Bank will not be deterred in their effort to steer the Nigerian economy away from the looming recession due to the global impact of the Coronavirus (COVID-19) pandemic, in spite of the push by some vested interests to impugn the integrity of the Bank.

The Bank’s director, Corporate Communications Department, Isaac Okorafor made the declaration in Abuja in a chat with newsmen. He disclosed that the Bank had uncovered sinister plans by some persons with selfish interests in Nigeria’s economic and socio-political space to distract the CBN and discredit the institution through deliberate misinformation, complete fabrications and outright lies.

He said that the Bank, in pursuit of its mandate enshrined in the CBN Act (2007), as Amended, will continue to strive to ensure accretion to the external reserves to safeguard the international value of the Naira, in addition to ensuring no individual or institution circumvents the system.

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According to Okorafor, the Naira, in the past three years, had remained stable against other world currencies, due largely to strict measures put in place by the CBN to check cases of round-tripping. He said the Bank, working with other relevant agencies of government, had equally curtailed the activities of economic saboteurs neck-deep in smuggling and other economic crimes.

While noting that those opposed to the policies of the CBN will not relent in their effort to undermine the Bank, he said the Bank remained resolute to the dictates of its enabling Act and would not be distracted by subjective criticisms from persons who do not mean well for the general good of the Nigerian people and the economy.

He recalled that the CBN, under Emefiele’s leadership, had made genuine patriotic efforts at promoting economic growth and development through its intervention programmes, particularly in the agricultural sector, which he said led to the revamp of value chains across over ten agricultural commodities, including cotton, oil palm, fish, poultry, livestock and maize, among others. He cited the rice revolution under the Anchor Borrowers’ Programme (ABP) as a major contributor to shielding Nigeria from a food crisis when major rice producing countries of the world halted exports from their shores in the height of COVID-19.

Also alluding to the recent interventions of the Bank through the N50 billion Targeted Credit facility (TCF) for households and small businesses affected by the pandemic and the N100 billion Credit Support for the Health sector, Okorafor said the Bank remained people-oriented.

Continuing, the spokesman bemoaned a situation where persons with vested interest in the economy of the country and its socio-political landscape continued to misinform unsuspecting members of the policies of the Bank as well as impugn the integrity of the institution and its key officers.

Okorafor assured that the CBN remained committed to transparently pursue its mandate in the interest of majority of Nigerians rather than for the selfish interest of a few, stressing that majority of Nigerians were better informed and would not indulge in unpatriotic economic acts for selfish purposes.

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Labour Force

Kogi Governor Approves Implementation of N30,000 Minimum Wage for workers

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Kogi Governor Approves Implementation of N30,000 Minimum Wage for workers

Kogi state governor, Yahaya Bello, has approved the implementation of N30,000 as minimum wage for the workers in the state.

 

The secretary to the state government, Folashade Ayoade disclosed this on Tuesday after an extensive meeting with the organized labour in Lokoja

 

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She blamed the delay in the implementation on the inability for the committee to meet regularly due to the covid-19 pandemic which has been overcome.

 

The SSG equally commended the organised labour for their understanding and patience, which she said has resulted into the signing of the implementation of the new minimum wage.

Read Also: FCTA Set to Implement Minimum Wage for FCT Workers

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Finance

CBN to End Forex Sales to Commercial Banks in 2022

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Author: Eunice Johnson, Abuja 

The Central Bank of Nigeria (CBN) has put Deposit Money Banks (DMBs) on notice that it will stop selling forex to them by the end of 2022. CBN Governor Godwin Emefiele made this known in Abuja on Thursday at the end of the Bankers’ Committee Meeting where he also introduced the RT200 Programme.

 

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Emefiele said the time had come for the banks to go out there and source for forex by funding entrepreneurs with ideas. The CBN, Emefiele said, will support the banks by granting rebates and other support until the banks find their feet in sourcing their forex by themselves.

He also disclosed that the apex bank’s policies and measures have led to a significant improvement in diaspora inflow from an average of US$6 million per week in December 2020 to an average of over US$100 million per week by January 2022. He added that the CBN would be reviewing these intervention programmes going forward to ensure that they continue to achieve the desired results.

He said international bodies, including some embassies and donor agencies, have been complicit in illegal forex transactions that have hindered the flow of foreign exchange into the country.

 

Read Also: CBN Encourages Nigerians to Accept E-Naira

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Customs Corner

Customs CG Deploys 37 Comptrollers as Comptroller Attah Heads Kebbi Command

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Customs CG Deploys 37 Comptrollers as Comptroller Attah Heads Kebbi Command

Author: Gift Wada, Abuja

The Comptroller General of Customs Col. Hameed Ibrahim Ali (Rtd.) has approved the deployment of 37 Comptrollers to various Units, Departments and Commands across the country.

This was disclosed in a release signed on Tuesday by the Customs Deputy National, DC Timi Bomodi for the Comptroller General of Customs.

Among those deployed are the present National PRO of Customs Comptroller Joseph Attah who will assume the office of Area Controller of Kebbi Command, Comptroller AAS Oloyede who shall be moving from ICT/MOD to Tin Can Island Port Command, while Comptroller SI Bomoi to FCT Command. Other postings are Comptroller BA Jaiyeoba to Oyo/Osun Command, Comptroller A Dappa-Williams to Eastern Marine Command, Compt. MA Umar Kano/Jigawa, Compt. KC Egwuh ICT/MOD, Compt. LM Mark Enugu/Anambra/Ebonyi, Compt. T Tachio CTC Kano, Compt. AA Umar Western Marine, Compt. M Dansakwa North Eastern Marine, Compt. AC Ayalogu T & T and Compt. KD Ilesanmi will assume duty as Comptroller Board among others.

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Ali in postings released on 7th of February, charged the newly posted Comptrollers to justify the confidence reposed in them by NCS Management by bringing to bear their years of experience and training in trade facilitation and anti-smuggling activities on their new assignment.

 

Given the enormous expectations of government regarding revenue generation in the current year, the Comptroller General reiterated the need for all Area Controllers and Unit heads to take full charge of the affairs of their Commands by ensuring absolute compliance with extant fiscal policies while leveraging on the efficient management of data to optimize trade facilitation and revenue collection.

Furthermore, the CGC directed all officers to be extremely vigilant in protecting the lives and wellbeing of Nigerians by ensuring the full fortification of our borders against the incursion of smugglers and other cross border criminals.

Read Also:

Customs Raises Concerns over Finance Act as Senate Sets N3trn Target for Revenue Agencies

Comptroller Ali Ibrahim Assumes Duty as New Customs FOU Zone ‘C’ Boss

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