CBN Rolls Out Interventions To Uplift Business, Reduce Poverty

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The Central Bank of Nigeria (CBN) has urged Nigerians to take advantage of its intervention programmes to smoothen economic development and financial stability in Nigeria.

CBN’s director of corporate communications, Osita Nwanisobi made this known at an event on Wednesday in Owerri, Imo state.

Nwanisiobi, represented by Sam Okogbue, Deputy Director, the corporate communications department of CBN, said the interventions were aimed at business advancement and poverty reduction.

He said CBN had rolled out interventions in the agricultural, manufacturing, and other sectors, while speaking on the theme ‘Promoting Financial Stability and Economic Development’.

Anchor borrower’s programme

According to Nwanisiobi, CBN’s anchor borrower’s programme led to an increase in the availability of rice during the heat of the COVID-19 pandemic.

“During the COVID-19 pandemic, rice was the most single popular component of our palliatives. This is a result of CBN’s anchor borrower’s programme for rice farmers,” he said.

Nigeria’s over-dependence on importation was a factor responsible for the fall in the exchange rate of the naira.

He further described the manufacturing sector as a live wire for economic development.

“No successful economy thrives on the promotion of imported products over the exportation of locally manufactured products,” he said.

CBN also called on Nigerians to embrace the bank’s cashless policy to reduce risk and promote seamlessness of transactions.

The CBN is committed to ensuring innovation in payments for a better customer experience.

Nigerians have been admonished to handle the naira with care in line with the provisions of section 21, sub-section 4 of the CBN Act 2007.

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