Economy no need for panics emefiele
You're referring to the statement made by Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), that there is no need for panic in the economy.
Emefiele's statement was likely in response to concerns about the impact of the COVID-19 pandemic on the Nigerian economy. The pandemic has indeed had a significant impact on global trade, supply chains, and economic activity, leading to concerns about the potential for economic downturns and recessions.
However, Emefiele's statement suggests that the CBN is taking steps to mitigate the impact of the pandemic on the economy and is confident that the economy can withstand the challenges posed by the pandemic.
Some of the measures that the CBN has taken to support the economy include:
- Reducing interest rates: The CBN has reduced interest rates to stimulate borrowing and investment in the economy.
- Increasing liquidity: The CBN has increased liquidity in the financial system to ensure that banks have sufficient funds to meet the needs of their customers.
- Implementing monetary policy measures: The CBN has implemented various monetary policy measures, such as forward guidance and quantitative easing, to support the economy.
- Providing support to vulnerable sectors: The CBN has provided support to vulnerable sectors of the economy, such as agriculture and manufacturing, to help them weather the impact of the pandemic.
Overall, Emefiele's statement suggests that the CBN is taking a proactive approach to managing the impact of the pandemic on the economy and is confident that the economy can recover from the challenges posed by the pandemic.