The Central Bank of Nigeria (CBN) has enlightened Lagos residents on its various interventions programmes meant to stimulate the economy and boost people’s living standard.
The programme with the theme: “Promoting financial stability and economic development”, also focused on enlightening the public about their rights and privileges in their customer relationship with their banks.
CBN’s Deputy Director, Trade and Investment Department, Olu Vincent, said: “It is sensitisation of the general public on what the CBN has been doing over the past two years to stimulate the economy and produce economic development since the volatility in the oil price market, to galvanise economy from the oil to non-oil export which everyone is clamouring for that we should lay more emphasis on non-oil export.”
He explained that there are various interventions, which the CBN has put in place as part of the proactive measures of the bank in stimulating growth of the economy. “What we are doing for now is to let the public know various policies they can leverage for economic growth. We have interventions for real sector, power sector, aviation sector and agric sector among others,” he said.
The apex bank Assistant Director, Currency Operations Department, Benedict Maduagwu, spoke on the need for the public to respect the naira because it costs so much to print a single note.
“It is a crime to hawk naira. The CBN stands on hawking naira is that if you hawk naira and you are caught abusing it, you will pay a fine of N50,000 or six months imprisonment or both,” Maduagwu said.
Speaking at the sensitisation fair, the bank’s principal manager, consumer protection department Oludamola Atanda, informed participants of their rights and responsibilities, which include the right to demand from their banks information that would help them run their accounts.