Emefiele
The Nigeria’s apex bank has deployed creative responses to the challenges faced by small businesses in assessing foreign exchange required for their operations such as the SME Window and the Investors & Exporters Window.
The CBN Governor Godwin Emefiele stated this in his address during the CBN Special Day last week at 2021 Lagos International Trade Fair, LITF, an annual event by the Lagos Chamber of Commerce and Industry, LCCI.
The Central Bank of Nigeria, CBN, said it find the theme of this year’s Fair very apt. certainly, “CONNECTING BUSINESSES, CREATING VALUE” aligns with the Bank’s strategic focus of consistently creating enabling policies that would make business enterprises to grow and continue to sustainable economic development, while creating the much-needed jobs essential to improve social inclusion.
The CBN Governor, represented at the event by the Director, Corporate Communication Department of the CBN, Osita Nwanisobi, said that the governor had severally noted that Nigeria must return to an employment led growth anchored on productivity and rewarding producers of local goods, services, innovation and new technologies; particularly on commodities we have comparative advantage.
As part of further stimulating the economy, the CBN has announced a new financial instrument titled “The 100 for 100PPP-Policy on Production and Productivity”. Under this policy, the bank will advertise, screen, scrutinize and financially support 100 targeted private sector companies in 100 days, rolling over every 100 days with new set of 100 Companies, whose names will be published in National Dailies for Nigerians to verify and confirm.
In the payments system space, the central bank of Nigeria has continued to ensure robust, safe, reliable, credible and efficient payments system in Nigeria through the review of the Mobile Money Operations, MMOs, services, licensing of Super Agents, Shared Agent Network Expansion Facility, SANEF, Regulatory for the use of Unstructured Supplementary Service Data, USSD, Review of daily Mobile Money Wallet Transaction and Tracking the Watch-list for the Nigerian banking Industry.
In addition, he said the bank has deployed creative responses to the challenges faced by the small businesses in accessing foreign exchange required for their operations such as SME Window and the Investors & Exporters Window.
CBN Governor pointed out that as part of our response to the disruptions triggered by the Cvid-19 pandemic, the CBN introduced a bouquet of interventions such as the Targeted Credit Facility, TCF, as a stimulus package to support households and MSMEs affected by the pandemic.
“You can visit our website for all enquiries relating to how best we can serve you through any of our schemes, your relationship with your banks and how you can be seamlessly onboarded on the eNaira platform”, he added.
Emefiele stated further that the Apex bank under his leadership “will not only continue to deliver on its primary mandate of ensuring monetary and price stability but will create an environment for inclusive economic growth and sustainable development of Nigeria”. According to him the bank will equally continue to monitor progress and respond promptly and flexibly to support Nigeria’s recovery from Covid-19 and closely watch economic and financial conditions with a view to applying appropriate monetary policy tools.
