CBN holds Seminar on ‘Monetary policy, implementation’ for correspondents in Lokoja
-Oru Leonard
The Central Bank of Nigeria (CBN), is holding Seminar for Finance and Business Correspondents at Lokoja on October 24-26, with the theme: ” Monetary Policy, Implementation Amidst Global Economic Protectionism.”
In his keynote address the CBN Governor, Mr. Godwin I. Emefiele said that the implementation of its restriction order on the 41 items is a deliberate act to forestall the level of the country’s dwindling foreign reserves. He disclosed that Nigerians continuous consumption of foreign goods is detrimental to the nation’s domestic economic realities.
Mr. Emefiele noted that, the theme of the seminar is relevant considering the implication of protectionism and the challenges it poses to the effective implementation of monetary policy, stating that it is not only apt, but timely, considering the recent global developments in international trade.
He told participants that the policy was aimed at stimulating the domestic economy in order to enhance domestic production and protect local industries from undue foreign competition and take-over, there-by lifting the country out of recession.
While citing the success recorded in the area of import reduction, particularly in rice, in addition to other policy actions of the CBN, he urged Nigerians to support the policy on 41 items in order to further reduce pressure on the Naira.
He expressed optimism that once it’s done we believe our citizens would better appreciate the laudable efforts made by the Monetary authorities in improving the lives of Nigerians through monetary Policy initiatives.
He also advised that Nigerians should see the policy as an opportunity to change the structure of the economy, resuscitate local manufacturing, and expand job creation for Nigerian citizens.
Emefiele further urged the participants to continually enlighten their respective audiences on the importance of the subject of economic nationalism to enable citizens better appreciate the efforts of the CBN in improving their lives of Nigerians.
The ongoing seminar is the 26th edition of the CBN’s Interactive sessions with Finance Correspondents and Business Editors.
