The Central Bank has laid the blame of bad Naira notes at the doorstep of commercial banks in the country. Isaac Okorafor, CBN’s spokesman while providing answers to questions in a tweetchat accused banks of recirculating unfit notes because they do not want to bear the little cost of sorting the notes.
He however noted that the apex bank is considering a permanent solution to the proliferation of bad naira notes in the country.
https://twitter.com/IsaacOkorafor/status/968146097519693824
Noting that lower denomination notes are more frequently in use hence prone to damage.
https://twitter.com/IsaacOkorafor/status/968145045449781249
On what the Central Bank is doing about rising cases of illegal deductions by commercial banks, the spokesman revealed that over ₦55 billion has been refunded to overcharged customers by banks noting that excessive charges outside the Guide to Bank Charges on the CBN’s website should be reported to the bank and if not satisfied should report to the apex bank.
https://twitter.com/IsaacOkorafor/status/968149057557487616
Assuring Nigerians that the disparity between the CBN official rate and the parallel market will merge soon. He said the injections by the CBN has prevented the official and black market exchange rates from widening.
https://twitter.com/IsaacOkorafor/status/968135267499544576
He also reveal that the key success factor of growth in 2017 was the prudent use of forex reserves and funding of food production and manufacturing. Expressing confidence on the outlook for 2018 with a better than expected oil-market, further boost in Agric, and growth in the capital market.
https://twitter.com/IsaacOkorafor/status/968140920599302144
https://twitter.com/IsaacOkorafor/status/968121741976461313
While absolving the CBN from the current alarming unemployment rate, he said the bank will continue to fund agriculture and industries to create jobs noting that activities to create employment is within the purview of the fiscal agency.
He also noted significant improvement in the population of the unbanked in the rural areas. The Anchor Borrower Scheme he noted was to drive financial inclusion among rural farmers in the country and this has achieved a great success.
https://twitter.com/IsaacOkorafor/status/968123800578650112
On measures put in place by the bank to bring inflation rate down he highlighted various policy put in place such as the Import and Export window and the restriction of 41 items from accessing the forex, all these has yielded positive results. Assuring that the country will continue to build its forex reserves.
https://twitter.com/IsaacOkorafor/status/968128483531554816
https://twitter.com/IsaacOkorafor/status/968130145411321857
Responding to speculations surrounding the introduction of a new capital base for Micro Finance Banks the CBN spokesman reveal that a new stronger capital base will soon be announced.
https://twitter.com/IsaacOkorafor/status/968131873644871680
He also hoped that the stalemate between the Legislators and Executive over the approval of new members of the Monetary Policy Committee will resolved soon.
