Asset management company, United Capital Group, has stated that it supports the Central Bank of Nigeria’s decision to work with stakeholders on upcoming intervention measures.
This was stated by the company in a brief message that it released after CBN Governor, Dr. Olayemi Cardoso’s Monday interview with Arise TV.
The governor of the CBN declared that participants and stakeholders with track records would be included in any future actions taken by the central bank.
“Choosing to work together with stakeholders is a wise and progressive move. This program will boost market inclusivity and bolster economic confidence at the same time.
“Stakeholders create an atmosphere where different viewpoints contribute to well-informed decisions by providing insightful information to decision-makers,” United Capital stated.
It also indicated expectations for a little increase in the value of the naira following the successful execution of the CBN’s reforms.
“Furthermore, in order to diversify its sources of income and strengthen the naira, the nation must increase its production of crude oil and revitalize the non-oil industry.
“We believe that the CBN’s recently implemented communication plan would be crucial in informing the public about the idea behind the central bank’s choices. In particular, clear communication of the Monetary Policy Committee’s rulings could highlight the need for the MPC to handle inflationary pressures in Nigeria, the note said.
According to Cardoso, “You cannot wish away interventions, but it is important that the framework be in place to make sure that once you do it, it reaches the people it is meant to reach,” he stated.
“Voting such a large amount for an intervention is pointless if the farmer cannot access it, if he accesses it inadequately, or if it does not assist him in achieving his goal.”
He continued, “We will be working closely with those whose core strength it is to encourage them and bring others to the table, rather than the central bank thinking and implementing intervention programs. They don’t have to be local; there are people elsewhere who have also had successful experiences.
“Failed interventions are no longer an option for us. We can’t have another round of these interventions that do not have the intended effect and don’t provide the relief that those further down the pyramid really deserve because we all understand what inflation is and the worries around the exchange rate.
In October 2022, roughly N9tn had been released as intervention funds by the apex bank.
