We’ll Steer Nigeria Away From Recession , Says CBN

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The Central Bank of Nigeria on Wednesday said it would not be deterred in its effort to steer the Nigerian economy away from the looming recession due to the impact of COVID-19.

It said this was 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, said the bank had uncovered sinister plans by some persons in Nigeria’s economic and socio-political space to distract the CBN.

He said such persons want to discredit the institution through deliberate misinformation, complete fabrications and outright lies.

He, however, noted that the CBN Governor, Godwin Emefiele, and his team at the bank would not be deterred by the actions of such persons.

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Okoroafor said the bank, in pursuit of its mandate enshrined in the CBN Act 2007, as Amended, would continue to strive to ensure accretion to the external reserves to safeguard the international value of the naira.

He added that it would continue to ensure that no individual or institution circumvents the system.

According to Okorafor, the naira, in the past three years, had remained stable against other world currencies, due to strict measures put in place by the CBN to check cases of round-tripping.

— Punch

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