*Say apex bank’s policy will strengthen Naira,expand Nigeria’s economy
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.
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“We note that the policy which took effect on Monday has increased activities in the banking sector therefore boosting the nation’s economy.
“We are of the strong view that this well-thought-out policy will go a long way in strengthening the nation’s currency, the Naira,”the group said in the statement.
It added:”It is also very clear that this noble and commendable policy will expand Nigeria’s economy.
“It gladdens our hearts to learn that the policy might increase the country’s foreign remittances to $34.89bn by 2023.
“We also noted with delight the forecast by PricewaterhouseCoopers, one of the big four accounting firms, suggesting that Nigeria’s remittance flows could reach $34.89bn by 2023 if the policies were right.
“We therefore call on all stakeholders in the banking sector, especially Deposit Money Banks, to cooperate with the apex bank with a view to ensuring the success of the policy.”
Recall that the CBN Governor had on Saturday announced the introduction of an incentive of N5 for every $1 of fund remitted to Nigeria through International Money Transfer Organisations in the bank’s new forex policy.
He said the move was part of CBN’s reforms to boost the inflow of foreign currency into the country.
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