Poverty, unemployment Nigeria’s major problem –CBN

Central Bank Governor, Godwin Emefiele, has identified poverty and unemployment as the major problems currently confronting the country.

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He therefore urged Nigerians to strive to engage in productive venture that could enhance their standard of living. The CBN governor gave the advice over the weekend in Lokoja, during a three day sensitisation seminar for bank customers tagged CBN Fair.

Represented by the CBN Assistant Director, Corporate Communications Department, Emefiele said gone were the days that the apex bank was been regarded as no-go-area for members of the public stressing that the new CBN under his leadership is highly professional, people- focused, apolitical.

“We now have a Central Bank that is strictly devoted to building a resilient financial system that can serve the growth and development needs of our beloved country , Nigeria” he said.

Emefiele said hitherto the economic growth in the country was not too favourable because of foreign exchange used in importing some goods which could naturally be produced in the country.

Hoewever, he stressed that the CBN in the last five years, had identified about 41-43 items that could now be produced locally to boost the economy.

This he said accounted for the reduction of foreign exchange rate which used to be N520 to a dollar but is now reduced to N360 to a dollar, stressing that conscious efforts are being made to beat down the exchange rate. While calling on Nigerians to go enmass into mechanised farming, he said the CBN has various incentives including loans to farmers especially on rice production and other items that could help boost their output and in turn boost the economy.

At the seminar, bank customers were educated on their various rights and duties including how to handle the naira notes among others.


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