CBN says it's interventions saved Nigeria from economic downturn

The Central Bank of Nigeria, on Tuesday, issued a rejoinder on the Nigerian Economic Summit Group (NESG) request that President Muhammadu Buhari should withhold assent to the repealed and re-enacted Bank and Other Financial Institutions (BOFIA) Act 2020, passed by the national assembly .

NESG criticised some of the policies of the apex banks aimed at cushioning the effect of coronavirus on businesses and the entire economy

NESG claimed that some aspects of the BOFIA law contain some provisions that violate the constitution and bestowed immunity on the CBN governor.

But in a swift reaction, the CBN categorically stated that the policies were aimed at supporting governmental efforts to curtail the spread of the pandemic and lessen its devastating impact on the economy

CBN’s Director of Corporate Communications, Isaac Okorafor, the CBN said the measures taken by the CBN were targeted at stabilising the financial system and ensuring faster recovery of the economy, following the negative impact of the COVID-19 pandemic on Nigeria.

The CBN said the impact of the coronavirus crisis on countries around the world propelled a significant downturn in the Nigerian economy, which triggered imposition of lockdown measures in a bid to contain the pandemic spread.