Nigerians’ import dependency cause of falling Naira — CBN
The Central Bank of Nigeria (CBN) has said that no successful economy thrives on the promotion of imported products over exportation of local products, adding that Nigerians’ import dependency is the main cause of the falling value of the Naira.
The apex bank therefore urged Nigerians to adopt home-made products to boost Nigeria’s economy and stop the Naira from depreciating further in the parallel market.
This disclosure was made by the CBN Director of Corporate Communications, Mr Osita Nwanisiobi, at the opening session of a two-day expo organised by the apex bank in Owerri, Imo State capital on Wednesday.
Represented by Mr Sam Okogbue, Deputy Director, Corporate Communications Department, Nwanisobi said that the CBN’s Anchor Borrower’s program was the nation’s saving grace for improved rice availability during the COVID-19 pandemic.
The scheme among other actions, he added, were aimed at emancipating enterprises and eliminating poverty.
Nwanisiobi, who spoke on the topic of “Promoting Financial Stability and Economic Development,” said the CBN had implemented interventions in the agricultural, manufacturing, and other sectors.
He maintained that Nigeria’s over-dependence on imports was one of the reasons for the currency’s depreciation.
“No successful economy thrives on the promotion of imported products over the exportation of locally manufactured products,” he said.
He added, “During the COVID-19 pandemic, rice was the most single popular component of our palliatives. This is a result of the CBN’s Anchor Borrowers’ programme for rice farmers.”
Mrs Uchenna Onyene of the CBN’s Currency Operations Department also spoke at the event, urging Nigerians to use the Naira with caution.
She also urged Nigerians to adopt the CBN’s cashless strategy to decrease risk and improve transaction seamlessness, noting that the bank was dedicated to ensuring payment innovation for a better customer experience.
The CBN has created many intervention programmes to boost local productivity, promote export earnings and arrest the dwindling value of the Naira.
