CBN reveal cause of economic crisis in Nigeria – The Central Bank of Nigeria has identified a major loophole causing economic crisis in Nigeria, you’ll be surprised to find out below.
CBN reveal cause of economic crisis in Nigeria
The Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has said that the bank, with some stakeholders, have identified smuggling and dumping as major challenges sabotaging the Nigerian economic policies.
Economic Sabotage Named at Going for Growth Meeting
Top tabloid NAN, reports that the governor made the disclosure on the sideline of a consultative round-table entitled, “Going for Growth” with some economic stakeholders in Lagos.
The essence of the round-table was to encourage participants to highlight important building blocks that would lead to greater economic growth in the country.
It also involves the CBN Governor listening to their ideas and views on how productivity and investments by companies operating in Nigeria can be improved.
According to Emefiele, “We have identified smugglers and people dumping goods as those who sabotage those policies and we decided that we will deal with them.
“The strategy that we came up with is that we will not bother ourselves with them.
“There is an agency of government that is responsible for border control and if these people pass through the border control we would use the instrumentality of being the regulator of the banking system to make sure that we get the banks to provide all details about them.
“We investigate their accounts and if they are found in economic sabotage, boarding, smuggling and dumping in Nigeria, we would not only block their accounts, we would close their accounts in all the Nigerian banks simultaneously.
He also said the CBN asked commercial banks to close those companies’ accounts and those of the top members of such entities, and promised to come up with the names of those that had been identified in due course.