The Central Bank of Nigeria has assured Nigerians that it will continue to monitor all developments on the COVID – 19 infections and design appropriate Monetary response to protect the people and economy of the Federal Republic of NigeriaEmefiele pointed out that the CBN is mindful of the worse case scenarios that may arise from the impact of COVID-19 disease on the Global and Nigerian Economyacross all critical sectors of the Nigerian economy.
The governor explained that the CBN has set-up the Financial Markets Situation Room to monitor global markets and advise an adequate response “Secondly, given the continuing impact of the disease on global supply chains, the CBN will increase its intervention in boosting local manufacturing and import substitution by another N1trillion across all critical sectors of the economy. The management of the CBN will meet with the Bankers Committee this Saturday at 10.00 am to work out the modalities.
“All Deposit Money Banks and other regulated entities in the banking industry are further advised to trigger their business continuity plans to ensure that their staff and families are protected, and their operations remain largely undisrupted.
Source: Financial Digest (financialdigest.net)
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