The Central Bank of Nigeria (CBN) yesterday, lashed out at critics of its policies describing such group of Nigerians as self-serving and unpatriotic interest groups.
In a statement entitled, “Nigeria’s Current Economic Situation: Our Case”, signed by its Acting Director of Corporate Communications, Mr. Isaac Okoroafor, the apex bank noted that, “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.
Intelligence reports at the disposal of the bank reveal the involvement of some unpatriotic elements funding the push to have the CBN and the Federal Government reverse its forex policy, which is aimed at conserving foreign exchange, stimulating agriculture and manufacturing and also promoting exports.”
The bank spokesman said, however, that the present economic challenges facing the country have been worsened by past practice of frittering away huge earnings made from oil sales, over the years. He said the bank’s decisions on forex management were 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, speculative attacks and round tripping.
According to the bank, pressures on the country’s foreign reserves have persisted due to a huge fall in the monthly foreign earnings, which fell from over $3.2 billion some time in 2013 to below $500 million per month some time in 2016, when the demand for the US dollar, particularly by importers, continued to rise considerably.
CBN said despite the challenges and the basic economic fact that countries earn dollars from international trade, it has ensured that genuine demands of importers to pay for eligible imports and other transactions within available resources are met.
Furthermore, the bank has continued to ensure that there is liquidity and transparency in the forex market.
The CBN said it would continue 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; protect the interest of bank customers in Nigeria; and above all ensure that the masses of the country are protected from the vagaries of high naira depreciation.
The bank assured that in line with its mandate and working with the fiscal authorities, it will continue to ensure monetary and price stability as well as maintain external reserves to safeguard the international value of the naira while leaving its doors open for genuine partnership with all stakeholders.