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Nigeria’s economic group, CBN bicker over policies to curtail COVID-19 impact on Nigerians

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While the NESG alleged some of the policies by the government, have not yielded sufficient impact on the economy, the CBN said measures adopted during the period saved key sectors of the country from being exposed to more severe devastation.

The NESG faulted the CBN on its handling of foreign exchange transactions, loan disbursements and price fixings without appropriate policy clarity, arguing this could be subject to abuses, manipulations and significant market disruptions, “reflective of a policy akin to crony capitalism.

The CBN said its policies during the period were informed by the over 65 per cent drop in commodity prices; disruptions in global supply chains and the unprecedented outflow of over $100 billion of debt and equity funds from emerging markets between March and May 2020. Other measures included the creation of an N100 billion intervention fund in loans to pharmaceutical companies and healthcare practitioners intending to expand and strengthen the capacity of our healthcare institutions; creation of a research fund to support the development of vaccines in Nigeria.

Specifically, the CBN said details published in its monthly economic report showed a total of N38.11 billion was disbursed as loans to 44,458 beneficiaries through the NIRSAL Microfinance Bank , with the number rising to about N59.12 billion and support to 103,189 beneficiaries as of August 2020.

Source: Financial Digest (financialdigest.net)

 

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