The Central Bank of Nigeria (CBN) on Monday disclosed the introduction of a new financial instrument known as ‘The 100 for 100 PPP’ Policy on Production and Productivity to improve local production and productivity in various sectors of the economy.
This was made known by the CBN Governor, Mr Godwin Emefiele, at the launch of the Central Bank Digital Currency (CBDC), known as the eNaira at the State House, Abuja.
The initiative by the apex bank is expected to provide support for selected private sector companies in the country as well as part of steps to reverse the country’s overreliance on imports.
Emefiele said the new policy will also be anchored in the CBN Development Finance Department under his direct supervision.
The CBN governor pointed out that the initiative was the best and most sustainable way to address the naira’s value whether in hard currency or digital eNaira through production, production and more production
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