By Baron Ike
The Central Bank of Nigeria (CBN) has said that those criticizing its monetary policies do not mean well for the country.
Acting Director, Corporate Communications of CBN,, Isaac Okorafor, issued the warning in a statement titled, “Nigeria’s current economic situation: Our case.”
Okoroafor said while the apex bank respects the rights of every Nigerian or stakeholder to their respective views, it finds it misleading that certain interests have remained persistent in their move to misinform the larger public, discrediting genuine efforts at managing the economy, and creating public distrust and panic within the financial system.
His words: “Self-centered individuals, who have failed to assail our patriotic position, have resorted to the sponsorship of serial propaganda to misinform and mislead the public on the objectives of our policies.
“Intelligence reports at the disposal of the bank reveal the involvement of some unpatriotic elements funding the push to have the CBN and the Federal Government reverse its FOREX policy, which is aimed at conserving foreign exchange, stimulating agriculture and manufacturing and also promoting exports.”
Okoroafor explained that the present economic challenges were worsened by the nation’s past practice of frittering away huge earnings made from oil sales over the years,pointing out that the CBN’s decisions on FOREX management were prompted by the challenge posed by the level of depletion of the country’s reserves, arising from issues such as a drastic reduction in oil earnings, speculative attacks and round tripping.
He said pressures on the country’s foreign reserves have persisted due to a huge fall in the monthly foreign earnings, which he said, fell from over $3.2 billion sometime in 2013 to below $500 million per month sometime in 2016, when the demand for the US dollar, particularly by importers, continued to rise.
Okoroafor said despite the challenges, the apex bank has ensured that it meets the genuine demand of importers to pay for eligible imports and other transactions within available resources.
He stressed that the bank has continued to ensure that there is liquidity and transparency in the FOREX market.
His words: “For the avoidance of doubt, the Central Bank of Nigeria (CBN) continues to:
1.Ensure that inflation remains within manageable limits;
2.Intervene in critical sectors of the economy, through injection of much-needed capital to promote growth and employment;
iii. Promote export-driven industrialisation;
1.Provide access to credit to farmers and small-scale entrepreneurs at single digit rates, to create wealth;
1.Protect the interest of bank customers in Nigeria; and above all,
2.Ensure that the masses of our country’s low income earners are protected from the vagaries of high naira depreciation.”
“Despite our positive efforts, some persons and groups have chosen to play to the gallery by focusing on negativity that does the country no good,” he said.
He assured that the bank would continue to ensure monetary and price stability as well as maintain external reserves to safeguard the international value of the Naira.
Okoroafor advised Nigerians to be more patriotic and contribute to a viable Nigerian economy; rather than engage in acts capable of undermining the efforts being made by government at moving the country out of the current economic situation.