CBN defends policy interventions


The Central Bank of Nigeria (CBN)  has defended its intervention policies on the economy, saying they were necessary to keep the economy going in the face of COVID-19 pandemic.

Its Director, Corporate Communications,  Isaac Okorafor, stated this in the light of Nigerian Economic Summit Group (NESG) position, which calls into question some of the measures taken by the CBN to support the stability of our financial system and enable faster recovery of our economy, following the negative impact of the COVID-19 pandemic on Nigeria.

In a statement yesterday, Okorafor said from the one year extension of moratorium on principal repayments for CBN’s intervention facilities, strengthening of the Loan-to-Deposit ratio policy, which has resulted in a significant rise in loans provided by financial institutions to banking customers to creation of N50 billion target credit facility for affected households and small and medium enterprises through the NIRSAL Microfinance Bank and N100 billion intervention fund in loans to pharmaceutical firms, the apex bank had taken steps to lift the economy and businesses during the COVID-19 pandemic.

He said there was also the N1 trillion facility in loans to boost manufacturing and production across critical sectors.

Meanwhile, the Bankers’ Committee of Nigeria has launched its cybersecurity  and fraud awareness campaign, called ‘Moni Sense’.

The campaign is aimed at educating the public on ways of protecting themselves against cyber fraud and scams.

Chairman, Financial Literacy and Public Enlightenment Sub-Committee (FLPE), Emeka Emuwa, said fraudsters and scammers devise new ways to deceive the unsuspecting public, usually to lure them to inadvertently disclose confidential bank information.

“We encourage Nigerians to always be cautious and ignore any text message, phone call, or email asking to update your bank information, provide sensitive bank details, disclose online banking details, debit card numbers, bank verification number (BVN) or PIN to anyone.”


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