From Fred Itua, Abuja
The African Centre for Justice and Human Right (ACJHR) has dismissed claims by a global rating agency, Fitch report, on the decision of the Central Bank of Nigeria (CBN) to print more money to finance the Federal Government’s budget.
Fitch, had in its report claimed that the repeated financing of government’s budget by the CBN through Ways and Means as a risk to Nigeria’s macroeconomic stability.
A statement signed by the executive director of ACJHR, Chinwendu Nduka-Edede, read: “As one of the critical stakeholders in the African and Nigerian project however stands with the CBN and its Governor, Godwin Emefiele, on this very important matter.
“We are of the opinion that the financing support the CBN is offering the Federal Government, contrary to Fitch’s position, has created a lot of economic stability in the system.
“We make bold to say that it is under the purview of the apex bank to offer the needed support as a lender of last resort if the Federal Government cannot provide the necessary fund for all its obligations.
“Rather than faulting the CBN for doing what it is expected to do in this kind of situation, Fitch report should be commending the apex bank.
“The ACJHR therefore calls on the Fitch and other organisations to desist from undermining the CBN’s gesture with distorted facts because this will not do the system and the country any good.”