CBN’s moves to stabilise naira commendable – Osun cleric

Onwubuke Melvin
Onwubuke Melvin

The aggressive policies introduced by the Governor of the Central Bank of Nigeria, Olayemi Cardoso, to stabilise the naira have been commended by the Diocesan Bishop of Ife, Rt Rev. Olubinmi Akinlade.

This disclosure was made by Akinlade in a statement on Tuesday ahead of the first session of the 12th synod of the Diocese of Ife, Anglican Communion, according to The Punch.

The synod, scheduled to be held on Saturday and Sunday, at the Cathedral Church of St. Philip, Ayetoro, Ile-Ife, Osun State, is themed ‘Building godly investment for the 21st century’.

Akinlade said, “The financial reengineering by the CBN to stabilise the naira and put the economy on the path of recovery are all laudable. However, the problem in our country is not the lack of good policies but the implementation of them. The President and his cabinet must show the determination to implement change and renew the hope of Nigerians.

“It is heart-warming to see what some governors are doing in their states to change the narrative. Lagos, Abia, Niger, and Borno States, for example, have implemented people-friendly policies and introduced infrastructural projects that directly impact the people’s welfare. This can be replicated on a national level. All efforts should be geared towards relieving the suffering of the teeming population of Nigeria. We are almost at breaking point.”

The cleric also decried the rate of poverty in the country, noting “The poverty rate is estimated to have reached 38.9 per cent in 2023, with about 87 million Nigerians living below the poverty line.

“Nigeria churns out about 3.5 million people into the labour force every year; sadly, many do not find jobs and almost 40 per cent of recent graduates are jobless. The economy is too weak to absorb the much-needed workforce and it is not surprising that our GDP has flatlined for several years, barely growing beyond 4 per cent.”

The bishop called on the government to transform Nigeria into a producing nation, to boost exports and strengthen the naira.

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