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International Best Practices: CBN Director Lauds Naira Redesign Policy
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The CBN has stated that the naira redesign policy was to support stability in the exchange rate and fight crime.
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The CBN reassured Nigerians of the robustness of the payment system infrastructure to handle the growing usage of online banking facilities.
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The CBN’s interest rate increase has drawn criticism, as it may negatively impact the accessibility of bank credit for businesses.
EKO HOT BLOG reports that The Central Bank of Nigeria (CBN) on Friday said the naira redesign policy was a step in the right direction taken in the interest of Nigerians.
The CBN’s Acting Director of Corporate Communications, Dr. Abdulmumin Isa, made the disclosure at the bank’s special day at the 34th Enugu International Trade Fair.
According to him, the naira redesign policy led to relative stability in the exchange rate and supported the efforts of security agencies in combating banditry and ransom-taking in the county.
Represented by the Assistant Director of Corporate Communications, Mr. Esu Imoh, the CBN Director noted that the redesign is in line with international best practices.
On the growing usage of online banking facilities by Nigerians, the CBN assured that the Nigeria payment system infrastructure is robust enough to handle the pressure.
On his part, the President of Enugu Chamber of Commerce, Mines, Industries and Agriculture, ECCIMA, Mr. Jasper Nduagwuike, expressed worry over the recent increase in interest rate by the CBN to 18 percent in an aggressive push to contain Nigeria’s inflationary pressure.
“The high-interest rate regime will likely have an adverse effect on the accessibility of bank credit by businesses.
“While we commend the CBN for its measure to rebuilding stronger business confidence and ensuring stability in the economy particularly in the financial/banking sector, we advice the CBN to utilize the period of grace for full implementation of the naira redesign and cashless policy as directed by the supreme court of Nigeria,” Nduagwuike advised.
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