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Stimulating dollar and energetic inflows
On
By Arize Nwobu
CREATIVE and innovative policies help to drive economic growth and development. Crises spur critical thinking and creativity whereby new and useful ideas and policies are developed for the overall success of organisations and economies.
The Central Bank of Nigeria, CBN, recently introduced the “naira-4-dollar” policy as a part measure in response to dollar scarcity which some analysts have attributed to various factors ranging from the COVID-19 pandemic to drop in oil price, speculative activities, high import bills and others.
It will be recalled that a similar but more serious situation prevailed in 2017 which plunged the naira to a drastic low. From around N190/$1 in May 2015, the naira depreciated to N560/$1 in mid-February 2017.
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The African Centre for Justice and Human Right (ACJHR) on Tuesday lauded the introduction of the “Naira-4-Dollar” policy by the Central Bank of Nigeria (CBN), saying that the centre received the news with joy as it would assist in checking round-tripping and grow the nation’s economy.
This was contained in a statement made available to newsmen in Abuja by its Executive Director, Nduka Edede Chinwendu.
The policy, according to the apex bank, offers an incentive of N5 for every $1 of fund remitted to Nigeria through International Money Transfer Organisations in the bank’s new forex policy.
The centre hailed the CBN governor, Godwin Emefiele, and other members of the team policy which it stated would assist in the nation’s economic recovery.
The African Centre for Justice and Human Rights, ACJHR, has commended the Central Bank of Nigeria, CBN, for its introduction of the 'Naira-for-Dollar policy
By Joseph Erunke
ABUJA-THE Nigeria Ethnic Youth Leaders’ Council has lauded the Central Bank of Nigeria and its Governor, Godwin Emefiele, over its new Naira-for-Dollar policy.
The council, which is made up of the Arewa Consultative Youth Movement, Ohanaeze Ndi Igbo Youth Movement, Niger Delta Youth Council, Oduduwa Youths and Middle Belt Youths, view the policy as another masterstroke that will turn the nation’s economy around.
The coalition,in a statement, Tuesday,signed by Nwada Ike Chiamaka,Ohanaeze Secretary General and Head of coalition’s secretariat,said the policy which took effect on Monday has increased activities in the banking sector therefore boosting the nation’s economy.