Naira depreciates further, as foreign reserves gain $600m in one week

By Dapo Akinrefon

A Coalition of Civil Society Groups, CCSG, on Thursday, backed various policies introduced by governor of the Central Bank of Nigeria, CBN, Mr. Godwin Emefiele, to stabilise the naira and reposition the country’s economy.

The civil society groups also condemned the economic sabotage going on in the Forex market, stating that the economy is experiencing high inflation largely because the disparity between the official bank-exchange rates for dollar/naira is too high.

Addressing journalists at a solidarity rally in support of President Muhammadu Buhari and the CBN Governor, Emefiele, in Abuja, the coalition president and Secretary, Messrs Etuk Bassey Williams and Abubakar Ibrahim, urged Nigerians to continue to support the policies of the apex bank.

They said: “The achievements by the Government under the leadership of President Buhari cannot be possible without the support of the able lieutenants appointed to head the Central Bank of Nigeria (CBN) under the able leadership of Mr. Godwin Emeficle who has made efforts to turn around the negative indices of the economy as a result of good policies.

READ ALSO: Civil Society coalition hails CBN Gov, Emefiele for sustaining economic growth, devt

“We applaud the recorded achievements in the Micro, Small and Medium Enterprises (MSMEs), the small Farm holders. We also appreciate his effort towards assisting our industries to meet-up with international standards in the quality of goods produced for export.”

While applauding the introduction of e-naira by the CBN, the coalition said it is confident that the policy will stimulate economic activities that will result in job and wealth creation.

They said: “We frown at the economic sabotage going on in the Forex market. We condemn a situation where the disparity between the official bank-exchange rates for dollar/naira will be too high, thereby creating inflation.

“We applaud the sincere effort to salvage the naira, the CBN stop of sales of Forex to Bureau De Change (BDC) Operators who exploit and artificially inflate dollar/naira exchange. We applaud this move to discourage illicit financial flow, BDC racketeering and indiscriminate round-tripping.

“We, hereby, call on the CBN Governor to suspend the activities of the BDC operators in totality and supply money to the commercial Banks, We also demand that a monitoring committee that comprises of EFCC, CBN and NFIU be set up to cheek and arrest BDC operators who go to the Banks to buy off the dollar using fake application.”

Vanguard News Nigeria

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