The Central Bank of Nigeria (CBN) has attributed the poor performance of Naira to the huge external debt servicing practice of government.
Mr. Godiwn Emefiele, Governor of CBN, said on Friday that external debt servicing has contributed to the depletion of the nation’s external reserves.
Emefiele spoke at the opening of the 32nd Seminar for Finance Reporters in Akure, Ondo State.
He said the apex bank’s methods, including the management of financial system liquidity, foreign exchange (forex) market and development financing initiatives, have been able to optimally balance the delicate objectives of price stability and real output growth.
According to him, in the desire to create jobs and diversify the economy away from crude oil, the apex bank had established numerous intervention programmes.
The programmes include Anchor Borrowers Programmes (ABP), Commercial Agricultural Credit Scheme (CACS), Creative Industry Financing Initiative (CIFI), MSMEDF, CBN Agribusiness, Small and Medium Enterprises Investment Scheme (AgSMEIS) and the Real Sector Support Facility (RSSF).
These and among others are remarkable success in accelerating growth of the economy and reducing poverty across the country.
