CBN proffers solutions to ending naira devaluation

Following the drastic fall of naira against dollars, the Central Bank of Nigeria (CBN) at the weekend, said there was need for the country to come up with exportable products in exchange for dollars.

It said the country had in the past, depended solely on oil which has been exhausted.

Speaking to teenagers at the Teens Career Conference, organised by the Redeemed Christian Church of God RCCG, (TEAP zone) in Abuja, the CBN governor, Godwin Emefiele represented by the Deputy governor, CBN, Sarah Alade, explained that the issue of naira crashing against dollar can best be tackled by diversifying the economy.

She emphasised that the nation would grow economically when it produces, have more things to sell and export in order to earn dollars.

He said the apex bank is working to ensure that it create enabling environment to attract foreign investors.

He further noted the Federal Government FG’s effort at diversifying the economy by looking into other sectors, especially agriculture.

While speaking on the various programmes put together by the bank to encourage youth entrepreneurship, Emefiele said the CBN had set aside N220 billion to support youths and ultimately diversify the economy.