FOREX Stability: NCRIB Commends CBN

Yemisi Izuora

The Nigeria Council of Registered Insurance Brokers (NCRIB) has commended the Central Bank of Nigeria (CBN) for its intervention in strengthening the naira.

The President of the council, Kayode Okunoren who made the commendation at the 2017 first quarter press conference in Lagos, said it is heartwarming that in the last few weeks the Naira has been appreciating against other foreign currencies, bringing a little succor to Nigerians.

To all intents, the efforts of government through the CBN in this regard are quite commendable, he said adding that as a consuming nation, “We all know the agonies which the weakening Nigeria posed to daily living and survival of Nigerians”.

He called on the sustainability of the development urging the government to ensure the promotion of production of local products for exports.

He also advised government not to relent in promoting the production of local products that could be exported to earn foreign exchange in the international market.

“Our diversification initiatives must be followed through while there should be a renewed campaign in re-orientating the minds of the citizens away from over dependence on foreign goods and services. Definitely, there is no nation that can ever develop depending wholly on foreign products” he said.

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