Free floating of Naira will hurt ordinary Nigerians, says CBN

Mayowa Okekale, Abuja

The Acting Director, Corporate Communication of the Central Bank of Nigeria (CBN), Mr. Isaac Okorafor, has affirmed that there is all certainty that the free floating of the Naira will hurt ordinary Nigerians.

He stated this on Tuesday while speaking on the monetary policy decisions of the CBN on a programme, IN VIEW, aired on AIT, stating that things will not end well if the Naira is allowed to be floated freely.

Okorafor also said that monetary policies as being dispensed by the CBN do not operate in isolation, stressing that “the foreign exchange we manage belongs to Nigerians and we are prioritising only on those sectors critical to productions; and that is why manufacturing companies are being funded.”

When asked how the CBN is bridging the gap of communication and identifying some hitches among its audiences, Okorafor said: “The CBN meets these different segments, most especially the big business people amongst them and we let them know what our plans are. This is because we cannot sit down and just watch the masses suffer unnecessarily. We meet their Directors, Treasurers, Managers and we know that they need our supports which we have been responding adequately to.”

Further speaking on the efforts of CBN in cushioning the effects emanating from the economic recession in the country, Okorafor said: “We are also creating solutions to these problems by helping to diversify the economy by funding agriculture, power generation and education.”

He added that the CBN is also working with the Bank of Nigeria (BON) to provide funds to Nigerian farmers.

•CBN Acting Spokesman Isaac Okorafor.

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