‘CBN’s New FX Policy Will Take Nigeria Out of Recession’

budgetThe Central Bank of Nigeria, Abuja, Nigeria
  • ‘CBN’s New FX Policy Will Take Nigeria Out of Recession’

Chairman, Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Rafiu Ibrahim has said that the current monetary policies put in place by the Central Bank of Nigeria (CBN) would lead the country out of recession.

Ibrahim, a Senator representing Kwara South senatorial district made the assertion during the special Easter prayers session organised by the Christian Association of Nigeria (CAN) to mark this year Easter celebration.

The special Easter prayer programme was well attended by CAN representatives in all the seven local government councils of Offa, Oyun, Ifelodun, Irepodun, Oke-Ero, Ekiti‎ and Isin that make up Kwara South senatorial district of the state.

Ibrahim said: “The new efforts have started yielding positive effects in the economic stability of the nation’s currencies that would go a long way of accelerating the socio economic growth of the country.

The CBN is currently working tirelessly to stimulate the economy through its current economic policies management.”

The Senator declared: “The CBN is managing the economy very well now and I know that it will surely lead the economy into prosperity and stability.

“The recession is global, but we hope that at least, we will be able to manage our own, so that we will not go into depression.

“And we are also hopeful with the way the resource is managed and another thing is that this government is very prudent, accountability is number one under this our President, and with the help of the National Assembly, we know that the nation will continue to forge ahead.”

He noted that, the relationship between the Senate Committee on Banking, Insurance and other Financial Institution is proactive.

“The current leadership of the Central Bank of Nigeria is very proactive. They discuss with us on the way forward on the economic growth of the country in the National Assembly and this has continued to bring positive development on what the nation is experiencing now as far as dwindling dollar rate in the country”, he said.

The lawmaker who lauded the leadership of CAN in the local government for their fervent prayers said that the development has manifested on the peaceful co-existence of the people of the state and the country in particular.

He added: “I feel alive, and I give thanks to Almighty God and the whole Christian community for their putting our love in their heart, and they prayed for the whole State.”

The lawmaker therefore called on religious faithfuls in the country not to rest on their oars by continuing to pray fervently for the political and economic development of the country.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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