28 January 2017, Sweetcrude, Lagos — The Central of Nigeria, CBN has defended its economic policies aimed at stabilising the Naira and reducing inflation rate while branding critics of its policies as self-serving and unpatriotic individuals.
CBN said attackers of its economic policies have resorted to derail propaganda to misinform and the mislead the public and to have the apex bank and the Federal Government reverse its FOREX policy, which is aimed at conserving foreign exchange, stimulating agriculture, manufacturing and also promoting exports.
In a statement, signed by the acting Director, Corporate Communications; Mr. Isaac Okoroafor, the apex bank said the country’s present economic challenges have been worsened by the past practice of frittering away huge earnings made from oil sales, over the years stressing that the decisions on FOREX management are 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, speculation and round tripping.
The statement titled: ‘Nigeria’s Current Economic Situation: Our Case’ stated that “The Central Bank of Nigeria (CBN) has observed with great concern the continued and unwarranted attack on its policies by a group of Nigerians, whose real interests, findings have shown, are anything near altruistic but rather self-serving and unpatriotic.
“While we respect the rights of every Nigerian or stakeholder to their respective views, we find it curious that certain interests have remained persistent in their move to misinform the larger public, with the intention of discrediting genuine efforts at managing the economy, thereby creating public distrust and panic within the financial system.
“Indeed, 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.”
In spite of the challenges, CBN stated that it continues to ensure that inflation remains within manageable limits; intervene in critical sectors of the economy, through injection of much-needed capital to promote growth and employment; promote export-driven industrialisation; provide access to credit to farmers and small-scale entrepreneurs at single digit rates, to create wealth.
In addition, the apex bank said it will protect the interest of Bank customers in Nigeria; and above all, ensure that the masses of our country’s low-income earners are protected from the vagaries of high naira depreciation.