The Association of Bureaux De Change Operators of Nigeria has commended the Central Bank’s real sector support facility which was established to unlock potentials in the economy.
The facility is supporting large enterprises for startups and expansion financing needs of N500 million up to a maximum of N10 billion in key sectors of the economy, especially manufacturing, agriculture and other services.
Speaking with journalists in Lagos recently, ABCON President, Alhaji Aminu Gwadabe said, the Anchor Borrowers’ Programme, together with other initiatives like the Commercial Agriculture Credit Scheme and other packages for Small and Medium Enterprises, are holding on significantly in the drive to boost the economy and shield it from perceived volatilities in the international economy that is dragging back most emerging markets.
Gwadabe said the CBN’s restriction on 42 items that can be produced locally from accessing foreign exchange has not only improved the local production of the concerned items, but led to better utilization of available foreign exchange.
Gwadabe said; the CBN’s Anchor Borrowers programme has led to Nigeria’s self-sufficiency in rice production, moving the country from a net importer of rice to a major producer of rice, supplying key markets in neighboring countries.
According to him, the monetary policy decisions of the CBN has helped to lower inflation rate, boosted foreign reserves and stabilized the Naira, adding that the local currency has been continuously strengthened by the CBN dollar/Yuan interventions and other policy initiatives.
“The monetary policy decisions, Anchor Borrowers’ Programme and foreign exchange interventions are among the measures that brought inflation down from 17.2 per cent in April, 2017 to
11.37 per cent in January 2019. The CBN-led Monetary Policy Committee has kept benchmark interest rate steady at 14 per cent for over two years to curb inflation and support the naira,” he
said.
He explained that the CBN’s registration of more International Money Transfer Operators from 11 to 60 has boosted Diaspora remittance inflows into the economy and that the short-term outlook of the Nigerian economy remains good.
The ABCON boss applauded the CBN’s initiatives including the Investors’ and Exporters’ Forex window, which has helped to attract foreign capital investment into the economy as well as foreign investors who are committed to unlocking Nigeria’s economic potential.
He said CBN’s sound monetary policy decisions have also impacted positively on the banking system and economy, adding that bank customers now has confidence in the financial system.
