CBN blames Nigerians’ Import Dependence For Falling Naira

The Central Bank of Nigeria (CBN) says that Nigerians’ import dependency is the reason for the continuous fall of Naira.

The apex bank urges Nigerians to adopt homemade products in order to boost the economy and stop the Naira from depreciating further in the parallel market.

This was disclosed by Osita Nwanisiobi, CBN Director of Corporate Communications, who was represented by Mr Sam Okogbue, Deputy Director, Corporate Communications Department at the opening session of a two-day expo organized by the apex bank in Owerri, Imo State on Wednesday.

Also Read: Credit To Govt Rises By 22.5% To N16.3trn In Q1, 2022

He says, no successful economy thrives on the promotion of imported products over exportation of local products.

He noted that CBN’s Anchor Borrower’s program helped improve rice availability for the nation during the COVID-19 pandemic. As a result of the measures, businesses would be emancipated and poverty would be eliminated.

According to Nwanisiobi, who spoke on the topic of “Promoting Financial Stability and Economic Development,” says the CBN had implemented interventions in the agricultural, manufacturing, and other sectors.

Explained 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.

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

At the event, Uchenna Onyene of the CBN’s Currency Operations Department urged Nigerians to use the naira with caution, citing Section 21, Sub-section 4 of the CBN Act 2007.

Besides emphasizing the CBN’s cashless strategy, she says the bank is dedicated to ensuring payment innovation for better customer experiences, noting that it is aiming to reduce risk.