By Etuka Sunday
The Central Bank of Nigeria (CBN), has urged traders to change from selling finished mechanize to producing what they sell.
The Acting Director, Corporate Communications Department of the Bank, Mr. Isaac Okorafor said this on Monday, December 4, 2017 to Traders at Mile One Market during the CBN sensitization fair in Port-Harcourt, Rivers State.
Mr. Okorafor said the traders transforming from selling finished and imported goods to selling what they produce will ensure a sound economic footing for the economy translating into job creation for the youths.
The CBN Spokesman told the traders that with the changing dynamics of doing business (buying and selling) and more consumers preferring to patronizing malls and plazas, it was expedient that they involve themselves in what would guarantee better economic well-being.
He urged them to take advantage of various development initiatives of the CBN such as the Anchor Borrowers’ Programme (ABP) to cultivate crops like rice and reduce the high cost of import.
Continuing, Mr. Okorafor explained how the drop in the global price of oil and depleting foreign reserves led to the Country going into recession.
He stated that with a combination of carefully selected monetary policy and development finance initiatives, the CBN helped to steer the economy out of recession.
Okorafor informed the traders that there has been more reserves accretion, the country is already witnessing the convergence of officials and parallel market Forex rates.
Earlier, in his welcome address, the Chairman of the Mile One Market Traders, Hon. Okechukwu Olu expressed appreciation to the visiting CBN delegation for choosing to sensitise traders in the market on the various CBN initiatives noting that they it was a welcome development and opportunity for traders to arm themselves with necessary information from the apex Bank to improve their business.