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Currency Dealers Back Cbn’s Policies - Business - Nairaland

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Why Naira Depreciated By 23% In 4 Days — Currency Dealers, Analysts / BDCs Back CBN’s Directive Stopping Use Of Domiciliary Accounts As Collateral / CBN Policies Paying Off as exchange rate (N1431/$) posts Best Gain in 6 Weeks (2) (3) (4)

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Currency Dealers Back Cbn’s Policies by chidima2019: 8:33am On Mar 06, 2019
The Association of Bureaux De Change Operators of Nigeria (ABCON) has expressed its support for the Central Bank of Nigeria’s (CBN) monetary policy and intervention in critical sectors in the economy.

In a statement yesterday, ABCON President, Alhaji Aminu Gwadabe, said the central bank under Governor Godwin Emefiele, has achieved financial stability and promoted monetary policy initiatives that have kept the economy on the right paths.


He said CBN’s sound monetary policy decisions have also impacted positively on the banking system and economy, adding that bank customers now have confidence in the financial system.

Gwadabe said the monetary policy decisions of the CBN has helped to lower inflation rate, boosted foreign reserves and stabilised the naira exchange rate.

He said the local currency has been continuously strengthened by the CBN dollar/Yuan interventions and other policy initiatives.

The statement added: “The monetary policy decisions, Anchor Borrowers’ Programme and foreign exchange interventions are among the measures that brought inflation down from 17.2 per cent in April, 2017 to 11.37 per cent in January 2019.

“The CBN-led Monetary Policy Committee (MPC) has kept benchmark interest rate steady at 14 per cent for over two years to curb inflation and support the naira.”

He said CBN’s registration of more International Money Transfer Operators (IMTOs) from 11 to 60 operators has also boosted Diaspora remittance inflows into the economy adding that the short-term outlook of the Nigerian economy remains positive.

He also applauded the CBN’s initiatives including the Investors’ and Exporters’ (I&E) Forex window, which has helped to attract foreign capital investment into the economy as well as foreign investors who are committed to unlocking Nigeria’s economic potential.

Gwadabe, said the CBN’s restriction on 42 items that can be produced locally from accessing foreign exchange has not only improved the local production of the concerned items, but led to better utilization of available foreign exchange.

The ABCON boss also applauded the CBN’s Anchor Borrowers programme, which has led to Nigeria’s self-sufficiency in rice production, moving the country from a net importer of rice to a major producer of rice, supplying key markets in neighboring countries.

The apex bank, he added, also established a N300 billion Real Sector Support Facility (RSSF) to unlock potentials in the economy and promote real sector growth. The facility is supporting large enterprises for start-ups and expansion financing needs of N500 million up to a maximum of N10 billion in key sectors of the economy, especially manufacturing, agriculture and services.

https://www.akelicious.net/2019/03/currency-dealers-back-cbns-policies.html

4 Likes

Re: Currency Dealers Back Cbn’s Policies by sheguy(m): 8:38am On Mar 06, 2019
You will always praise what you are gaining from.

15 Likes 1 Share

Re: Currency Dealers Back Cbn’s Policies by Kendumazy(m): 8:38am On Mar 06, 2019
Okay
Re: Currency Dealers Back Cbn’s Policies by Nobody: 8:39am On Mar 06, 2019
Abeg o. Dollar must rise na. I go use my.savings buy dollars thinking e go grow during election. Chai

1 Like

Re: Currency Dealers Back Cbn’s Policies by Ibrahim9090: 8:39am On Mar 06, 2019
Noted
Re: Currency Dealers Back Cbn’s Policies by Eaglefine(f): 8:40am On Mar 06, 2019
I have nothing to say on this one.

Nextttttt!!!

1 Like

Re: Currency Dealers Back Cbn’s Policies by gidjah(m): 8:41am On Mar 06, 2019
You may just bring an aboki by tribalism in as the new Governor to come destroy the progressive succes we all are experiencing. Now. Say No to Buharis TRIBALISM!!
Re: Currency Dealers Back Cbn’s Policies by ictjobber: 8:41am On Mar 06, 2019
Emefiele did well though



I build websites and I'm based in Abuja, See my signature
Re: Currency Dealers Back Cbn’s Policies by morafin01: 8:42am On Mar 06, 2019
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Re: Currency Dealers Back Cbn’s Policies by psalmson001: 8:42am On Mar 06, 2019
Joromi12:
Abeg o. Dollar must rise na. I go use my.savings buy dollars thinking e go grow during election. Chai

cheesy cheesy cheesy omo d thing shock everybody o. Pple been don dey anticipate upward of N400/ $1 sef.

2 Likes

Re: Currency Dealers Back Cbn’s Policies by Nobody: 8:45am On Mar 06, 2019
Off course they will praise the policies they gain from

Re: Currency Dealers Back Cbn’s Policies by Nobody: 8:56am On Mar 06, 2019
psalmson001:


cheesy cheesy cheesy omo d thing shock everybody o. Pple been don dey anticipate upward of N400/ $1 sef.
anytime i no listen to pple dollar go rise. I say mk i do this time o. Lost over 5 nairs per dollar now smh
Re: Currency Dealers Back Cbn’s Policies by legalwealth(m): 8:57am On Mar 06, 2019
sheguy:
You will always praise what you are gaining from.

grin grin grin

Whatelse do you expect from them?
Re: Currency Dealers Back Cbn’s Policies by dammypee55: 9:13am On Mar 06, 2019
This is nigeria for u
Re: Currency Dealers Back Cbn’s Policies by teejet: 9:19am On Mar 06, 2019
THAT'S THE AUTHENTIC SOURCE FOR CORRECT

APPRAISAL. NOT THESE TWISTED REPORT'S FROM

UK TELEGRAPH et al!
Re: Currency Dealers Back Cbn’s Policies by morikee: 9:35am On Mar 06, 2019
Nice initiative CBN stood firm on it's policies.
Re: Currency Dealers Back Cbn’s Policies by ashjay001(m): 11:52am On Mar 06, 2019
Joromi12:
Abeg o. Dollar must rise na. I go use my.savings buy dollars thinking e go grow during election. Chai

Better go sell now, before e go collapse?
That 350 u dey see, na artificial, na CBN just dey hold am up.

If dey allow dollar to drop, then locally made goods, will be abandoned!
Why buy Aba made, when I can afford Italian?
Re: Currency Dealers Back Cbn’s Policies by Nobody: 2:36pm On Mar 06, 2019
ashjay001:


Better go sell now, before e go collapse?
That 350 u dey see, na artificial, na CBN just dey hold am up.

If dey allow dollar to drop, then locally made goods, will be abandoned!
Why buy Aba made, when I can afford Italian?
I just learned sth from you bro, I think you make a lot of sense here.

1 Like

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