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|Aig-imoukhuede: Cbn’s Tight Monetary Stance Is Saving The Economy by pikin(m): 5:19pm On Sep 02, 2013|
The Group Managing Director of Access Bank, Mr. Aigboje Aig-Imoukhuede, has said the tight monetary stance of the Central Bank of Nigeria (CBN) is saving Nigeria’s economy from falling into another crisis.
Aig-Imokhuede, who spoke at an interactive session with journalists also hailed the CBN for given priority to the growth of the SMEs and sustainability of the agricultural sector, which he said would have long term positive impact on the nation’s economy.
The interactive session was designed to roll out the communication strategies created to extend the frontiers of the Access Bank in the financial sector.
Aig-Imokhuede noted that if not for the CBN, the country’s currency would have been hammered.
According to him, “And for him, it is important that the currency does not get hammered because over the past 20 years anytime the naira hammered, a banking crisis had followed, which was due to the devaluation of the currency.
“For him, though the CBN under Sanusi may be tough, it is often right and if the CBN has not taken some of the actions it took, Nigeria would have been battling another banking crisis.”
Speaking further, he pointed out that democracy had brought a lot of good to the banking sector and that CBN operations have been smoother under the regime.
He said: “Democracy is good for banking because it helps CBN to work better. It is obvious that civil rule provide enabling environment for CBN regulation and that has helped the growth of the banking sector more than when we were under the military rule,” he said.
On the need to build a sustainable economy, he expressed concern over unbridled reliance on the current economic crisis in the US and Europe, which has become blessing sort of for Africa. To this end, he stated that stakeholders should strive to have economic solutions that Nigeria could always rely on, even after the developed economy might have bounced back.
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