CBN Hits Back At Nigerian Economic Summit Group | SEE WHAT THEY SAID

In a statement on Tuesday, the NESG had expressed concerns over the foreign exchange transactions, disbursement of intervention loans and price fixings "without appropriate policy clarityÔÇØ by the CBN.

Noting that this can be subject to abuses, manipulations, it urged appropriate authorities to properly review this policy to "restore credibility into our financial sector.ÔÇØ

The private sector-led think-tank also stated that despite the budgetary allocations and huge sums of money disbursed by the CBN through the Anchor Borrowers' Programme, a huge gap remained in meeting the food requirements, resulting in increasing hunger among the Nigerian populace.

Reacting via a press statement made available to Naija News by its Director, Corporate Communications, Isaac Okorafor, the CBN accused the NESG of launching a "false alarm.ÔÇØ

It noted that the "false alarmÔÇØ raises serious credibility questions on the actions of the group, as its comments "significantly harmed the credibility of the Governor and the CBN as an institution.ÔÇØ

The CBN also said the group's claims stemmed from "total ignorance or malicious intent and an intention of the leadership of the NESG to gain "cheap popularity.

fallen short of its own standards and become a shadow of its old self, we believe there are better ways to resuscitate the Group's brand other than through cheap popularity and tarnished attention using ambushed press statements made up of contrived allegations

The apex bank listed the "extraordinary measuresÔÇØ it took to stabilise the nation's economy from "extraordinary shock.

The CBN further stated that the effect of these measures which included provision of palliatives to individuals affected by the pandemic, increase in access to credit to critical sectors of the economy that are either high employers of labour or have the ability to create jobs at a fast pace, helped to contain a significant decline in GDP growth in the 2nd quarter of the year.

Here is a copy of CBN's reaction below